18 May 2015
GBP/USD off lows near 1.5675
FXStreet (Mumbai) - The British pound was heavily sold-off against the American dollar in the European morning, albeit GBP/USD recovered from session lows, largely as the USD bulls jumped back in to the bids while traders too to profit-booking following Friday’s upsurge.
GBP/USD back below 1.57
The GBP/USD pair trades -0.36% at 1.5670, having posted session highs at 1.5657 levels. The cable maintained an offered tone amid profit taking from USD shorts and Friday's broad US dollar sell-off backed by worsening figures from the US economy which might hint at the delaying of rate hikes by the Federal Reserve.
The dollar index, which measures the currency's strength against its major peers, sharply bounced-back this session and now trades at 93.77, recording a 0.50% gain on the day.
Meanwhile, markets now await CPI figures from the UK economy on Tuesday, with inflation expected to stay at 0.0%, while core CPI should remain at 1.0%. Moreover, as there is no major economic news on EUR calendar today, trading should be calm and volatility only mild, with investors waiting for Wednesday's FOMC minutes.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5738 (Today’s High) above which gains could be extended to 1.5770 (May 13 High) levels. On the flip side, support is seen at 1.5650 below which it could extend losses to 1.5631 (May 13 High) levels.
GBP/USD back below 1.57
The GBP/USD pair trades -0.36% at 1.5670, having posted session highs at 1.5657 levels. The cable maintained an offered tone amid profit taking from USD shorts and Friday's broad US dollar sell-off backed by worsening figures from the US economy which might hint at the delaying of rate hikes by the Federal Reserve.
The dollar index, which measures the currency's strength against its major peers, sharply bounced-back this session and now trades at 93.77, recording a 0.50% gain on the day.
Meanwhile, markets now await CPI figures from the UK economy on Tuesday, with inflation expected to stay at 0.0%, while core CPI should remain at 1.0%. Moreover, as there is no major economic news on EUR calendar today, trading should be calm and volatility only mild, with investors waiting for Wednesday's FOMC minutes.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5738 (Today’s High) above which gains could be extended to 1.5770 (May 13 High) levels. On the flip side, support is seen at 1.5650 below which it could extend losses to 1.5631 (May 13 High) levels.