9 Apr 2015
GBP/USD testing lows near 1.4860, BOE in focus
FXStreet (Mumbai) - GBP/USD erased gains seen in Asia and turned in red in the early European trades, as markets await UK trade balance data ahead of the key event – Bank of England’s (BOE) monetary policy statement due later in the session.
GBP/USD capped by 1.4886
The GBP/USD pair trades modestly flat near fresh session lows of 1.4852 levels, struggling above 1.48 barrier. The cable resumes its downtrend from the US last session as the US dollar continues to extend previous gains following FOMC minutes revealed June might be more in the cards than markets are pricing, supporting a bid tone to greenback.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies rises 0.20% at fresh highs near 98.50.
GBP/USD treads water ahead of today’s Bank of England (BoE) policy meet. BOE is expected to keep interest rates unchanged at 0.50%, as the central bank remains very cautious about lifting rates as both external and internal disinflationary pressures continue to persist.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4886 (Today’s High) above which gains could be extended to 1.4900 levels. On the flip side, support is seen at 1.4800 below which it could extend losses to 1.4774 (April 2 Low) levels.
GBP/USD capped by 1.4886
The GBP/USD pair trades modestly flat near fresh session lows of 1.4852 levels, struggling above 1.48 barrier. The cable resumes its downtrend from the US last session as the US dollar continues to extend previous gains following FOMC minutes revealed June might be more in the cards than markets are pricing, supporting a bid tone to greenback.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies rises 0.20% at fresh highs near 98.50.
GBP/USD treads water ahead of today’s Bank of England (BoE) policy meet. BOE is expected to keep interest rates unchanged at 0.50%, as the central bank remains very cautious about lifting rates as both external and internal disinflationary pressures continue to persist.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4886 (Today’s High) above which gains could be extended to 1.4900 levels. On the flip side, support is seen at 1.4800 below which it could extend losses to 1.4774 (April 2 Low) levels.