13 May 2015
GBP/USD steadies near 1.5670
FXStreet (Mumbai) - The pound recovers from lows and trades subdued against the US dollar in the mid-European session, with GBP/USD stabilizing around 1.5660 levels, as traders digest the latest BOE’s inflation report and Governor Carney’s comments.
GBP/USD rises from 1.5636
The GBP/USD pair trades modestly flat at 1.5657, recovering from session lows at 1.5636 reached post BOE report. The cable erased most losses and treads water ahead of US retail sales numbers which may have major impact on the major.
Earlier this session, GBP/USD fell to 1.5636 lows after the BoE revised slightly upwards its short-term inflation outlook, but unexpectedly revised down its medium-term CPI projections, while economy is seen growing slower than estimated in February.
While, Carney comments also weighed on the pound. Carney stating that the path of rising interest rates is expected to be more gradual than previously, and that the pound's strength is relevant to the bank's policy.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5700 above which gains could be extended to 1.5757 (Dec 17 High) levels. On the flip side, support is seen at 1.5650 below which it could extend losses to 1.5600 levels.
GBP/USD rises from 1.5636
The GBP/USD pair trades modestly flat at 1.5657, recovering from session lows at 1.5636 reached post BOE report. The cable erased most losses and treads water ahead of US retail sales numbers which may have major impact on the major.
Earlier this session, GBP/USD fell to 1.5636 lows after the BoE revised slightly upwards its short-term inflation outlook, but unexpectedly revised down its medium-term CPI projections, while economy is seen growing slower than estimated in February.
While, Carney comments also weighed on the pound. Carney stating that the path of rising interest rates is expected to be more gradual than previously, and that the pound's strength is relevant to the bank's policy.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5700 above which gains could be extended to 1.5757 (Dec 17 High) levels. On the flip side, support is seen at 1.5650 below which it could extend losses to 1.5600 levels.