25 Feb 2015
GBP/USD inching higher, eyes on 1.5500
FXStreet (Edinburgh) - The sterling is following the better mood in the riskier assets on Wednesday, lifting GBP/USD to the vicinity of 1.5490/1.5500.
GBP/USD firmer on USD weakness
The greenback is resuming its downside today following a dovish tone from Yellen’s semi-annual testimony yesterday, allowing the current rebound in its G10 peers. The pair has fully recovered last week’s drop to 1.5360, now focusing on the 1.5500 key barrier, level last seen in early January.
In the data front, UK Mortgage Approvals are due later with consensus looking for an increase to 36.2K during January vs. 35.7K from the previous month. Amongst the salient points in yesterday’s speech, Governor Carney argued that he first rate hike could come late this year or early 2016 at the latest, giving further support to the pound.
GBP/USD key levels
As of writing the pair is up 0.22% at 1.5492 and a breakout of 1.5500 (psychological level) would aim for 1.5551 (high Jan.2) and then 1.5620 (high Dec.31). On the flip side, the immediate support aligns at 1.5400 (psychological level) ahead of 1.5333 (low Feb.23) and then 1.5317 (low Feb.17).
GBP/USD firmer on USD weakness
The greenback is resuming its downside today following a dovish tone from Yellen’s semi-annual testimony yesterday, allowing the current rebound in its G10 peers. The pair has fully recovered last week’s drop to 1.5360, now focusing on the 1.5500 key barrier, level last seen in early January.
In the data front, UK Mortgage Approvals are due later with consensus looking for an increase to 36.2K during January vs. 35.7K from the previous month. Amongst the salient points in yesterday’s speech, Governor Carney argued that he first rate hike could come late this year or early 2016 at the latest, giving further support to the pound.
GBP/USD key levels
As of writing the pair is up 0.22% at 1.5492 and a breakout of 1.5500 (psychological level) would aim for 1.5551 (high Jan.2) and then 1.5620 (high Dec.31). On the flip side, the immediate support aligns at 1.5400 (psychological level) ahead of 1.5333 (low Feb.23) and then 1.5317 (low Feb.17).