The GBP/USD eased by 58 points to trade at 1.5404 today as traders wait for the budget presentation. Data on UK industrial and manufacturing output, often secondary to that on the services sector in an economy which relies heavily on financial and other services for growth, were mixed, giving markets little new to play on in the debate on when the Bank of England could raise interest rates. Another signal on the UK economy, and whether Britain’s central bank might move this year or early next year, may come from the latest update from the National Institute of Economic and Social Research, an independent think-tank, on its forecasts for gross domestic product due later on Tuesday. Currency investors are awaiting a budget statement from the British finance minister George Osborne on Wednesday, who is widely expected to cut welfare spending by 12 billion pounds. Traders said any tightening could push back expectations of British interest rate hikes and weigh on the pound.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5490 TARGET 1.5510 1.5540 SL 1.5460
SELL GBP/USD BELOW 1.5348 TARGET 1.5328 1.5298 SL 1.5378
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