Post by play on Nov 16, 2012 15:13:08 GMT
FXstreet.com (Barcelona) - Having moved off its low at 1.5845, just above Fibonacci S1 support at 1.5868, GBP/USD has climbed higher this afternoon to climb above the 100 MA at 1.5866 to where it is currently trading at 1.5875, just shy of Fibonacci R1 Resistance at 1.5879.
With today being light on data, the highlight was the speech by Bundesbank Chief Weidmann who stated that Greece may need another debt haircut at the end of its current fiscal consolidation and reform program, before adding that it was obvious that the beleaguered nation's debt pile was unsustainable. Explaining a bit further, he explained that the proposal to cut debt if reforms had been properly implemented could form an incentivisation strategy for Greece. Looking ahead US Net Long-Term TIC flows fall at 14:00 GMT, followed shortly after by Industrial Production at 14:15 GMT.
Elsewhere, European stocks are down alongside US futures and the majority of commodities whilst Spanish and Italian 10 year yields are down 0.15% and 0.22% respectively and stable.
www.fxstreet.com/news/forex-news/article.aspx?storyid=3e557c0c-f0b1-4520-b648-918bc3a2e191
With today being light on data, the highlight was the speech by Bundesbank Chief Weidmann who stated that Greece may need another debt haircut at the end of its current fiscal consolidation and reform program, before adding that it was obvious that the beleaguered nation's debt pile was unsustainable. Explaining a bit further, he explained that the proposal to cut debt if reforms had been properly implemented could form an incentivisation strategy for Greece. Looking ahead US Net Long-Term TIC flows fall at 14:00 GMT, followed shortly after by Industrial Production at 14:15 GMT.
Elsewhere, European stocks are down alongside US futures and the majority of commodities whilst Spanish and Italian 10 year yields are down 0.15% and 0.22% respectively and stable.
www.fxstreet.com/news/forex-news/article.aspx?storyid=3e557c0c-f0b1-4520-b648-918bc3a2e191
