Forex: GBP/USD testing the 1.5000 support

The GBP/USD pounding has not abated during European trading, falling below the 1.5000 level (1.4985 intraday minimum), albeit briefly during the American session Friday. At the time of writing, the pair is testing the 1.5000 level, having fallen over -1.03% off its opening.

According to the ICN.com Technical Analyst Team, “The GBP/USD dropped sharply after the repetitive failure to hold above 1.5190 levels; trading below the aforementioned might extend the bearish move toward 1.4965 levels.”

ICN.com analysts point to supports at 1.5000, followed by 1.4980, and ultimately 1.4965. On the ascension, resistances will trigger if the exchange breaches the 1.5080 mark, then 1.5100 level, and finally 1.5130.

Mar 1, 2013

Forex: EUR/USD extends losses to fresh 7-week low

The shared currency has extended its decline versus the dollar, as the US currency continues to capitalize risk-off flows. EUR/USD broke below the 1.3000 mark at the beginning of the New York session and has been moving steadily to the downside ever since.

Forex Flash: Italian yields fall on coalition hopes – Deutsche Bank

In Europe, Italian bond yields fell 8bps on the day to 4.734% on hopes that a coalition government will be formed. This comes on the back of news that flagged investors’ attention, in which the Finance Undersecretary Gianfranco Polillo said that a union between Bersani and Berlusconi was the 'only possible way'. According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “As we await for further clarity, Berlusconi is under investigation on suspicion of bribing a senator to change sides in parliament although his lawyer has denied the claim.”