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11 May 2015
GBP/USD supported at 1.5400, BOE in focus
FXStreet (Mumbai) - The British pound keeps losses from Asia against its US counterpart heading towards Europe open, with GBP/USD in red on 1.54 handle, largely on the back of persistent US dollar strength across the board while markets gear up for Bank of England’s (BOE) rate statement to be released later in the session.
GBP/USD remains in red below 1.5450
The GBP/USD pair trades -0.26% lower at 1.5416, with a day’s high of 1.5450 and day’s low of 1.5406. The cable remains in the negative territory with entire Conservatives Win-inspired gains wiped out as the UD bulls extends its dominance after US jobs data boosted the greenback against its major competitors.
Moreover, GBP/USD remains pressured ahead of BOE monetary policy meeting due later today. The BOE announcement today is expected to be a non-event. The policymakers are very likely to keep the monetary policy stance unchanged in May by maintaining the base interest rate at the record low level of 0.5% amid slowing growth and very weak CPI at the moment.
Meanwhile, US labour market condition will be reported in the US session amid a data-thin trading session today.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5450 (Today’s High) above which gains could be extended to 1.5500 (April 29 High) levels. On the flip side, support is seen at 1.5400 below which it could extend losses to 1.5381 (Feb 27 Low) levels.
GBP/USD remains in red below 1.5450
The GBP/USD pair trades -0.26% lower at 1.5416, with a day’s high of 1.5450 and day’s low of 1.5406. The cable remains in the negative territory with entire Conservatives Win-inspired gains wiped out as the UD bulls extends its dominance after US jobs data boosted the greenback against its major competitors.
Moreover, GBP/USD remains pressured ahead of BOE monetary policy meeting due later today. The BOE announcement today is expected to be a non-event. The policymakers are very likely to keep the monetary policy stance unchanged in May by maintaining the base interest rate at the record low level of 0.5% amid slowing growth and very weak CPI at the moment.
Meanwhile, US labour market condition will be reported in the US session amid a data-thin trading session today.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5450 (Today’s High) above which gains could be extended to 1.5500 (April 29 High) levels. On the flip side, support is seen at 1.5400 below which it could extend losses to 1.5381 (Feb 27 Low) levels.