NEWS FLASH - Resilient Sterling keeps going... but for how long

Monday 30 April 2012 ">Can't read this email? Click Here

Read our great customer feedback. Click Here For the latest news read our currency blog. Click Here &&& Dear Subscriber, Please find below today's news flash which gives you an insight into the current market conditions, enabling you to keep informed and up to date on the latest currency movements. GBPEUR/GBPUSD The Pound has remained resilient following the surprise announcement last week that the UK economy slumped into a technical recession during the first quarter. That's either a sign of the increased demand for the Pound as a safe haven from the crisis in the Euro-zone or it's indicative of just how weak the Euro and the U.S Dollar are at the moment. The UK currency has traded up to a fresh 20-month high versus the Euro and a 7-month high against the Dollar. The upside momentum against the Dollar is showing no signs of abating. The 1.6170 resistance level was a key level in the market and now it looks increasingly likely that we'll see a move towards 1.6450 over the coming days. A report this morning showed that UK house prices rose in April for a second consecutive month, with values up a modest 0.1% from the previous month. The report added to the overall optimism that the UK economy will bounce back from the slump and that the figures on GDP will be revised higher anyway over the coming weeks. However, the Bank of England May announcement in 10-days will be watched closely, as policy makers will deliberate over whether to increase stimulus measures in light of the recent contraction in growth. Sterling sellers might be well placed to take advantage of the current rate to protect against the Pound losing a bit of appeal over the days, or at least consider the benefits of a stop order to protect against a reversal. If you need any further assistance, or require a live dealing quote - please do not hesitate to contact me on 01736 335250 or send an email to info@torfx.com Regards, TorFX Any opinions expressed in this document are those of TorFX analysts. Any analysis and/or forecasts provided are aimed at helping clients understand market conditions and developing trends. Clients are wholly responsible for their own trading decisions. Unauthorised copying or re-wording of this content is prohibited. The copyright of this content is owned by Tor Currency Exchange Ltd. Any unauthorised copying or re-wording will constitute an infringement of copyright. Market Analysis by Adam Solomon

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