The Pound has been consolidating gains against the Greenback since the mid American session

GBP/USD

Range: 1.5930 – 1.5964

Support: 1.5890

Resistance: 1.5980

The Pound has been consolidating gains against the Greenback since the mid American session, trading within a relatively narrow range between 1.5930 and 1.5965. Yesterday saw a sharp rise setting a fresh 8 day high. This week has seen a number of figures for the Pound, however none ultimately carried any significant weight. Next Thursday should be the big indicator for this pair, as the BoE announce their interest rate, and although nothing is set to change, the tone of the words (hawkish or dovish) could be a big swing factor.

USD/JPY

Range: 80.53 – 81.08

Support: 80.40

Resistance: 81.40

The Japanese Yen is slowly approaching the key 80.40 level; near the 15 year low. After the pair accelerated to higher levels earlier this week, reaching a fresh 2 week high at 81.98, the pair retreated to break the 80.61 level. This morning there was poor economic data from Japan, leading to a fall in the Nikkei, however the currency remains strong, with the general feeling of risk aversion ahead of the US GDP data and the FOMC next week.

EUR/GBP

Range: 0.8705 – 0.8743

Support: 0.8700

Resistance: 0.8750

The talk within market over the past few days is that there has been some decent sized bids in the crosses around the 0.8700 and just below. There is also the expectation of the usual end of month EURGBP central bank flows which should support the pair. Next week is a very important week for all financial markets, with crunch time decisions coming from the UK, EU and US, perhaps this time next week, we shall know where we stand over QE

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