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JPY Daily News
Sterling is on the Ropes
The GBP has been pushed lower as the USD continues to strengthen. Yesterday's news that the budget deficit shrank in October helped sterling to recoup some of its gains as the data was in-line with consensus estimates. The UK budget deficit is beginning to fall following the implementation of past austerity measures. Reducing the budget deficit has become a major part of the economic plan by PM David Cameron.
Today the BoE Monetary Policy Committee (MPC) meeting minutes will be released and may push the GBP lower as the dovish MPC could signal their support for additional quantitative easing.
The major test for the GBP/USD is at the 1.5600-30 level where the October 18th low coincides with the 61% Fib retracement of the October move. Versus the EUR, sterling has been on the ropes this week with the EUR/GBP climbing as high as 0.8660 but failing to make a close October 21st low. Additional tensions in Europe could drive pair lower to test the November low of 0.8485.
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