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GBP Quietly holding above 1.5200

FXstreet.com (London) – The pound is quiet in the US session ahead of a data packed week up ahead on the economic calendar.

For the calendar this week, Sterling will be reacting to BoE minutes on Ma 22nd. The latest inflation report from King gave some signs of an improvement in the UK economy, much of which is likely to be priced into the pound, and the minutes may offer further positive comments, reassuring the bulls. However, the pair may come under further pressure should comments divulge any weaknesses going forward. Other key data coming up kicks off tomorrow with CPI and GDP/ Retails Sales on Thursday.

On Wednesday, one of the main events for the week effecting the dollar will be Benanke’s speech. The market has been pricing in comments with regards to ending the QE cycle, so any short positions in the pair will be at risk to any comments which would oppose the recent tones from FED officials.

The research team at Commerzbank team said that the support at 1.4994 is regarded as the last defence for 1.4832, the March low. They mention that short-term rallies are expected to remain capped 1.5335/85 and key resistance is regarded as its 1.5601/50% retracement of the move seen this year, and while capped here the market is viewed as having topped.

Commodities Brief – Precious metals fall during consecutive sessions, crude prices steady at 95.50

The cost of gold fell off its highs Monday (1355.93) following what has started to be another losing session for commodities and more specifically, precious metals. For over the past seven sessions, gold has moved lower, however has remained fortified above significant support at 1321. The 20 and 50-day SMA continues to cap any potential retracement, leading to a definitive bearish outlook, likely to break lower should any tepid manner of recovery take place. At the time of writing, gold prices are now trading at USD $1354.71 per oz.
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