1 Mar 2010

GBP/USD Analysis:
With news at 1730hrs SGT on UK Manufacturing PMI, and 1800hrs SGT on Euro unemployment looming for not better than expected result, it look like the pound is not going anywnere north.

My expectation is foreign exchange markets are likely to keep up the pressure on sterling, until they see the detailed tax and spending plans of whatever government takes power.

Support is at 1.500, with resistance at 1.520, then 1.525. The pound is likely to go south today unless a stronger than expected news push it up to and above 1.525.