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8 Jan 2015
GBP/USD hits fresh 18-Month Lows; shrugs off positive UK housing data
FXStreet (Mumbai) - Cable edged fell further in to red, hitting fresh eighteen-month lows at 1.5041 levels, after upbeat House price numbers from UK failed to impress the pound versus the US dollar.
The GBP/USD pair hits fresh 18-month lows at 1.5041 levels, down -0.40%, having posted day’s high at 1.5117 levels. The cable slipped to fresh lows as traders were left uninspired by a cheerful UK housing prices index which rose 0.9% m/m against market estimates of a 0.3% rise.
The pound remains pressured against the US dollar ahead of Bank of England’s (BOE) monetary policy decision, expecting the BOE may leave its policy unchanged at the start of 2015 in the face of a bleak picture of UK’s growth prospects.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5117 (Today’s High) above which gains could be extended to 1.5156 (Jan 7 High) levels. On the flip side, support is seen at 1.5053, below which it could extend losses to 1.50 levels.
The GBP/USD pair hits fresh 18-month lows at 1.5041 levels, down -0.40%, having posted day’s high at 1.5117 levels. The cable slipped to fresh lows as traders were left uninspired by a cheerful UK housing prices index which rose 0.9% m/m against market estimates of a 0.3% rise.
The pound remains pressured against the US dollar ahead of Bank of England’s (BOE) monetary policy decision, expecting the BOE may leave its policy unchanged at the start of 2015 in the face of a bleak picture of UK’s growth prospects.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5117 (Today’s High) above which gains could be extended to 1.5156 (Jan 7 High) levels. On the flip side, support is seen at 1.5053, below which it could extend losses to 1.50 levels.