COZforex: The pound was steady close to 3 weeks lows against the dollar on Monday as demand for the dollar continued to be underpinned by expectations that the Federal Reserve will soon start to taper bond purchases. GBP/USD hit 1.5344 amid European afternoon trade, the pair’s lowest since June 5; the pair subsequently consolidated at 1.5368, shedding 0.34%. COZforex senior currency strategist Ian • Quigley said, GBP/USD is predicted to find support at 1.5323, and a drop through could take it to the next support line of 1.5263. Meanwhile, the pair is predicted to find its first resistance at 1.5487, and a rose through could take it to the next resistance line of 1.5591. The dollar remained broadly stronger after Fed Chairman Ben Bernanke said Wednesday the bank could begin slowing asset purchases by the end of 2013 and wind them down completely by the middle of 2014 if the economy continues to pick up. Sentiment on the euro remained fragile as peripheral euro zone bond yields continued to grind higher amid concerns over the prospect of an end to the Fed’s stimulus program. The yields on Spanish 10-year bonds rise to 5% for the first time since early April on Monday, up from 4.88% on Friday. Meanwhile, the yield on Italian 10-year bonds climbed to 4.71% from 4.58% on Friday. The German research institute, Ifo said its Business Climate Index rise to a seasonally adjusted 105.9 in June from a reading of 105.7 in May, in line with market expectations. Also Monday, Greek political leaders were holding talks to discuss a cabinet reshuffle after the Democratic Left party withdrew from the coalition government on Friday in protest over its decision to shut down the state broadcaster, leaving the government with only a slim majority in parliament. (COZ forex UK)
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