In currency trading the Asian session today (14-05), looks Sterling currency weakening slightly against the U.S. Dollar. GBP / USD is currently engaged in the range of 1.4605.
After the political problems are over, where Cameron was appointed as the new prime minister to replace Mr Brown, now back the government focused on cutting the budget deficit in the UK.This deficit-cutting efforts are expected to hamper growth in the UK, so Sterling remained under pressure.
The technical, Sterling is still bearish, but it is still very difficult to get out of the oversold zone.Although sentiment against Sterling is still quite negative, still anticipating the potential for further correction. Strong resistance can still be found in the range of 1.5000 and the closest support can be found in the range of 1.4340 to 1.4185.
GBP / USD likely to weaken to a level of 1.4340 if the past level of support at 1.4460. Sterling reinforcement can occur when passing resistance at the level of 1.4670 to 1.4740 level.
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