The British pound slightly changed after the BoE left both interest rate and APF quantity for April unchanged in line with expectations. The U.S. dollar stopped its advance after hitting strong resistance at 81.90 retreating to 81.68 from the day's opening at 81.60 as seen by the dollar index which tracks the dollar movements against a basket of major currencies, while the yen resumed its advance against majors.
With regard to the euro-dollar pair, it is showing decline on the daily and charts, traded near two-week low against the green currency ahead of the rate decision and Trichet's speech. However, Still the outlook for the euro is worrying in Greece and other European debt-ridden economies along with the worrying economic situation especially after yesterday's report which showed that GDP for the fourth quarter slipped to 0.0% from 0.4% in the third quarter. The pair is now trading at 1.3313 while recording a high of 1.3347 and a low of 1.3280, where the coming support is seen at 1.3270 and next resistance is at 1.3350.
As for the sterling-dollar pair, it rebounded to 1.5222 after reaching a low of 1.5139 after today's data showed that manufacturing and industrial production showed improvement, while the rate decision slightly impacted the sterling as it matched expectations. Still, the outlook for U.K. is worrying despite the improvement seen recently as recovery is still fragile and the political future of the country hasn't been decided yet. The pair reached a high of 1.5139 earlier today while it is expected to move between support at 1.5180 and resistance at 1.5280.
Relative to the dollar-yen pair, it fell for the fourth day on the daily charts after the yen strengthened as Asian stocks fell and on speculation China will let the Yuan appreciate. The pair continued its decline after breaching strong support at 93.76 yesterday as a correction from seven-month low touched last week. Meanwhile, the pair is currently trading at 92.90 after reaching a high of 93.43 and a low of 92.81, whereas support is seen at 92.30 while resistance is at 94.00.