25 Feb 2015
GBP/USD hits fresh 8-week highs, BOE Carney’s speech eyed
FXStreet (Mumbai) - GBP/USD climbed higher in the European morning, extending gains for the third straight session as traders now await speeches by Bank of England (BOE) policymakers later in the session.
GBP/USD rises above 1.55 mark
The GBP/USD pair trades higher by 0.38% at fresh eight week highs of 1.5514 levels, moving away from day’s lows previously posted at 1.5453 levels. The pound firmed against the US dollar as the USD bulls seems to have taken a back seat after Yellen’s testimony. Moreover, markets are investors are turning their attention towards the BOE officials who are expected to deliver speeches later in the day, which may provide fresh insights on the future course of BOE’s monetary policy stance.
The BOE Governor Mark Carney, Deputy Governor Ben Broadbent and Chief Economist Andy Haldane are set to speak at the OneBank Research Agenda launch in London.
Meanwhile, in absence of significant data from the UK today, traders will focus on US economic releases due later today for further moves on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5550 above which gains could be extended to 1.5580 levels. On the flip side, support is seen at 1.5453 below which it could extend losses to 1.5418 (10-DMA) levels.
GBP/USD rises above 1.55 mark
The GBP/USD pair trades higher by 0.38% at fresh eight week highs of 1.5514 levels, moving away from day’s lows previously posted at 1.5453 levels. The pound firmed against the US dollar as the USD bulls seems to have taken a back seat after Yellen’s testimony. Moreover, markets are investors are turning their attention towards the BOE officials who are expected to deliver speeches later in the day, which may provide fresh insights on the future course of BOE’s monetary policy stance.
The BOE Governor Mark Carney, Deputy Governor Ben Broadbent and Chief Economist Andy Haldane are set to speak at the OneBank Research Agenda launch in London.
Meanwhile, in absence of significant data from the UK today, traders will focus on US economic releases due later today for further moves on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5550 above which gains could be extended to 1.5580 levels. On the flip side, support is seen at 1.5453 below which it could extend losses to 1.5418 (10-DMA) levels.