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21 Mar 2016

GBP/USD dips below 1.44 on Brexit fears

GBP/USD dipped below 1.44 handle as political developments in the UK over the weekend put Tory unity on austerity at risk and heightened bears of Brexit.

Cable gapped lower

Pair opened lower in early Asia after Iain Duncan Smith (Secretary of State for Work and Pensions) resigned over the weekend in retaliation to Osborne’s proposed cuts to disability benefits during last week’s budget.

Markets believe Smith’s resignation has got more to do with Brexit issue and that he would throw his weight behind Brexit campaign. Consequently, Sterling is on a back foot, trading below 1.44 levels and eyeing support at 1.4483 levels.

GBP/USD Technical Levels

The immediate hurdle is seen at 1.4436 (Mar 11 high), above which gains a re-test of 1.45 handle looks likely. A break higher would expose 1.4533 (50% of 1.5230-1.3835). Conversely a break below immediate support at 1.4383 (support on daily chart) would expose 1.4252 (50% of 1.4669-1.3835) and 1.4173 (Mar 8 low).
Mar 21, 2016

Inflation data to keep underlying case for GBP recovery intact - BNPP

Research Team at BNP Paribas, suggests that while UK inflation is still far from levels that would be consistent with BoE tightening, they believe markets expectations, which currently imply a modest chance of easing over the next year, have swung too far in a dovish direction.
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Mar 21, 2016

Denmark Consumer Confidence: 3.6 (March) vs previous 4

Denmark Consumer Confidence: 3.6 (March) vs previous 4
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