GBP seen weak-April 09

GBP was sold off throughout the New York session which saw it hit a record low against the Euro as data released on UK housing prices indicated a drop in prices by -2.5% for the month of March which is worst decline since September 1992. Added to this investors have been factoring in the growing likelihood of a rate cut when the BOE meet this week. Pound is expected to trade in the range of 1.9610-1.9720 levels for the day. With good support seen at1.9590 and key resistance is seen at 1.9730 levels. Chart Patterns indicates the currency to have a downtrend for the day. Sterling is trading well below the fast and slow moving averages confirming the downtrend with stochastic and MACD supporting the downtrend.