FXStreet (Guatemala) – Analysts at Bank of Tokyo Mitsubishi explained that the pound is starting the new calendar year as it ended last year on a weaker footing.
Key Quotes:
“Cable is currently testing key technical support from the low from April of last year at 1.4566.
A break below would likely then encourage a retest of the lows from May 2010 at 1.4231 and potentially even from early in 2009 during the peak of the global financial crisis at just above the 1.3500-level. In contrast, the pound continues to remain more stable against the euro.
EUR/GBP is trading towards the top of its current range between the 0.7000 and 0.7500-levels, which has held for almost a year now.”
(Market News Provided by FXstreet)