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Bullish momentum seen in Pound on weak dollar index

From the intra-day perspective, we expect Pound to appreciate on the back of rise in risk appetite in the global markets along with weakness in the DX. Additionally, expectations of favorable economic data from the country will also support an upside in the currency.

October 23, 2012 12:25

The Pound appreciated by 0.1 percent yesterday taking cues from upbeat global market sentiments. However, sharp upside in the currency was capped as a result of strength in the DX. The currency touched an intra-day high of 1.6052 and closed at 1.6012 on Monday.

Outlook

From the intra-day perspective, we expect Pound to appreciate on the back of rise in risk appetite in the global markets along with weakness in the DX. Additionally, expectations of favorable economic data from the country will also support an upside in the currency.

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