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14 May 2015
GBP/USD hovers around 1.5750
FXStreet (Mumbai) - The Asian session saw USD being sold, thereby ensuring the GBP/USD pair strengthened moderately to trade around 1.5750.
GBP/USD: Fourth consecutive day of gains?
The pair has rallied for three straight sessions on the back of a weak US data and anticipation of the hawkish BOE inflation report. Whether or not the pair ends higher today depends entirely on the US weekly jobless claims data. The European data docket is empty and the BOE inflation report released in the previous session was slightly less hawkish than expected. Consequently, the rally in the pair at the mercy of the jobless claims data in the US.
The demand for American dollar could be back in case the initial claims continue to stay near 15-year lows for the third consecutive week.
GBP/USD Technical Levels
The immediate resistance is located at 1.58, above which the next major hurdle is seen at the weekly 50-MA located at 1.5956. On the flip side, a break below 1.57 could see the pair re-test 1.5650 levels.
GBP/USD: Fourth consecutive day of gains?
The pair has rallied for three straight sessions on the back of a weak US data and anticipation of the hawkish BOE inflation report. Whether or not the pair ends higher today depends entirely on the US weekly jobless claims data. The European data docket is empty and the BOE inflation report released in the previous session was slightly less hawkish than expected. Consequently, the rally in the pair at the mercy of the jobless claims data in the US.
The demand for American dollar could be back in case the initial claims continue to stay near 15-year lows for the third consecutive week.
GBP/USD Technical Levels
The immediate resistance is located at 1.58, above which the next major hurdle is seen at the weekly 50-MA located at 1.5956. On the flip side, a break below 1.57 could see the pair re-test 1.5650 levels.