GBP-USD prediction june 7 2012

forex trading outlook today - GBP-USD prediction june 7 2012 : After hitting 1.5515, the sterling has retreated to levels sub 1.5500 as the greenback has started to gain traction.

Risk aversion is gathering pace on Wednesday after the ECB has left unchanged the lending benchmark at 1.0%, ignoring calls for a 25 bps rate cut.

More volatility is expected as investors are scrutinizing M.Draghi’s press conference as of writing.

At the moment the cross is advancing 0.47% at 1.5451, with the next resistance at 1.5513 (MA10d) ahead of 1.5526 (high May 31) then 1.5608 (low May 29) and 1.5637 (high May 30).

On the downside, a breakdown of 1.5375 (hourly low Jun.6) would bring 1.5322 (low Jun.5) then 1.5269 (low Jun.1) and 1.5246 (MA21d).

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