17 Jun 2015
GBP/USD clings to gains above 1.5700
FXStreet (Córdoba) - GBP/USD advanced sharply on Wednesday, extending gains into a fourth day, and reaching its highest level in a month following UK employment data, which showed wage improvement, and BoE meeting minutes, which showed all nine MPC members voted to maintain policy unchanged.
GBP/USD rose more than 100 pips during the European session and hit its highest since May 15 at 1.5754. However, the pair lost momentum and settled in a range near highs where it has spent the last hours. At time of writing, GBP/USD is trading at 1.5730, 0.54% above its opening price.
Attention now turns to FOMC policy meeting, due at 18:00 GMT as investors look for signals about when and how the Fed intends to raise rates for the first time in a decade.
GBP/USD levels to watch
As for technical levels, a break above 1.5754 (Jun 17 high), would pave the way toward 1.5800 (psychological level), 1.5815 (May 14 high) and 1.5825 (Nov 27 2014 high). On the other hand, supports are seen at 1.5624 (Jun 17 low), 1.5600 (psychological level) and 1.5540 (Jun 16 low).
GBP/USD rose more than 100 pips during the European session and hit its highest since May 15 at 1.5754. However, the pair lost momentum and settled in a range near highs where it has spent the last hours. At time of writing, GBP/USD is trading at 1.5730, 0.54% above its opening price.
Attention now turns to FOMC policy meeting, due at 18:00 GMT as investors look for signals about when and how the Fed intends to raise rates for the first time in a decade.
GBP/USD levels to watch
As for technical levels, a break above 1.5754 (Jun 17 high), would pave the way toward 1.5800 (psychological level), 1.5815 (May 14 high) and 1.5825 (Nov 27 2014 high). On the other hand, supports are seen at 1.5624 (Jun 17 low), 1.5600 (psychological level) and 1.5540 (Jun 16 low).