GBP/USD struggles for the 1.57 mark

On Friday (January 27th) in the European market, the GBP/USD oscillated lower and the exchange rate fell below the 1.57 mark. It is currently maintaining its fluctuation around this level.

Sources said on Friday that Greece and the private sector creditors took a step in the right direction in the negotiation of the debt write-down agreement, and the two parties are closer to reaching a debt restructuring agreement. The news stimulated a rapid increase in market risk appetite. GBP/USD rose above the 1.57 mark, but it also stopped there.

In the current round of risk asset recovery, the pound did not perform as well as the euro, while the euro/pound remained at a high level, but the exchange rate was blocked by the 0.84 line.

Despite belonging to the European Union camp, British Prime Minister Cameron still does not forget to attack the euro area. Cameron pointed out in his special speech at the Annual Meeting of Davos that the single European currency, the euro, is not supported by key systems and is not sustainable.

Cameron said that all successful single currencies have the same characteristics and need a sound and mature system as support. This includes a strong unified central bank, a sound financial system, a highly integrated economy that can respond flexibly to shocks, and can resolve Internal imbalances and risks of financial transfer systems and a common debt-issuing mechanism.

He pointed out that the problem in the euro zone is not a lack of one of these systems, but none at all. Given the current large differences between the euro area economies, Cameron believes that differences can easily lead to fiscal and trade imbalances between different economies in the region. The debt crisis is a concentrated outbreak of this imbalance.

Cameron believes that lack of competitiveness is a common problem in EU countries and a fatal weakness in Europe. He cited the latest data released by the World Economic Forum, saying that more than half of the EU countries experienced a decline in competitiveness in 2011, of which five countries were less competitive than Iran.

Cameron once again objected to the financial transaction tax imposed on France and other EU countries. He believes that the introduction of a financial transaction tax will result in a loss of about 200 billion euros in the gross domestic product of the EU countries, and will result in the loss of about 500,000 people.

Technically, the daily MACD indicator crosses the zero axis, indicating that the exchange rate will continue to gain momentum. However, the KDJ indicator in the four-hour chart will form a heavy divergence. The short-term exchange rate may fall sharply, focusing on support near the 1.5620 and 1.56 mark.

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