GBP Resistance level march 26-30 2012

GBP Resistance level march 26-30 2012 : The combination of the weak February retail sales report and the downwardly revised figures in January brings into question the recent resilience of Britain's economy. The dovish surprise from the recent minutes also keeps open the possibility of another round of QE in May.

The potential for further policy easing should remain a headwind for sterling against the dollar but our sterling outlook against the euro remains more constructive amid renewed concerns over the economic outlook in the euro zone.

Key Levels: Resistance seen at 1.588; support around 1.56.

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