GBPUSD – Bullish bias
GBPUSD -,With the ECB and FED threatening to do more to support their economies, BOE's King joined the bandwagon yesterday promising to 'do all it can' to pull the economy out of recession. Signaling further bond purchases but ruling out a near term rate cut. The market did not require a second thought and sterling rallied strongly across the board. We expect a continuation with the main focus to target 1.5750/68 resistance. Above here opens up a new bull phase. With this in mind our call is to Bullish.
The targets are 1.5700, 1.5725 and 1.5760
Support levels are 1.5660, 1.5636, and 1.5590