Thursday, 11 September 2014

FOREX hike in Sterling



United Kingdom's currency rates over United States of America's dollars' is one of most traded forex exchange pair which tracks development of the major developed economies and sets a trend for other currency pairs.

Great Britain's Pound (GBP) traded almost flat against dollar holding its stable rates on Thursday after recovering from its lowest bench point of 10-months recorded on Monday.

Sterling fell on rising announcement of Scotland's independence which brought its forex values to an unexpected slowdown. Though, GBP/USD traced a recovery path, concerns over independence of Scotland are likely to hold high risk quotient on GBP trading.

The latest trading quotes of pair reported slipping at 0.06 percent with summarizing trade value at 1.6201 today. According to yesterday's data, the pair located trades around the levels of 1.6050 holding the weakest level since the fall of November 2013.

The range bounds for GBP/USD for Thursday trading is between 1.6100 supporting level with resistance at 1.6280 level.

British sterling climbed up in trade after the country launched a new poll to recheck the data produced by YouGov research. The new opinion poll supported the campaign posting NO to Scottish independence as 53 percent attendants voted against the move.

Therefore, Scotland's independence is the biggest concern for UK markets and it's currency's valuation in forex trade.

In other trades also, sterling climbed higher against the world currencies, with EUR/GBP sinking 0.06 percent floating at 0.7962, compared to its yesterday's hike coming to three-month highest record at 0.8065.