19 Aug 2015
GBP/USD retreats further and drops below 1.5650 ahead of Fed minutes
FXStreet (Córdoba) - Greenback gained momentum across the board after the opening bell at Wall Street and pushed GBP/USD further to the downside. The pair recently printed a fresh daily low at 1.5635, hitting a new bottom after reaching yesterday levels on top of 1.5700 for the first time in more than a month. The pound is also falling against the euro and the Swiss franc.
The US dollar is rising despite a slightly lower-than-expected inflation reading and ahead of the release of the minutes from the latest FOMC meeting, that will be published at 18:00 GMT.
GBP/USD continues to retreat
Yesterday the pair broke an important resistance area located at 1.5670/90 and even climbed on top of 1.5700 boosted by inflation data form the United Kingdom. But the pair failed to hold above 1.5700 and pulled back. Earlier today approached 1.5700 and then again turned to the downside.
So far it has been rejected from above 1.5700, suggesting that the US dollar still remains strong. The minutes from the Fed could trigger volatility in the forex market. The direction of the US dollar is likely to depend on how close is the liftoff from the Fed.
The US dollar is rising despite a slightly lower-than-expected inflation reading and ahead of the release of the minutes from the latest FOMC meeting, that will be published at 18:00 GMT.
GBP/USD continues to retreat
Yesterday the pair broke an important resistance area located at 1.5670/90 and even climbed on top of 1.5700 boosted by inflation data form the United Kingdom. But the pair failed to hold above 1.5700 and pulled back. Earlier today approached 1.5700 and then again turned to the downside.
So far it has been rejected from above 1.5700, suggesting that the US dollar still remains strong. The minutes from the Fed could trigger volatility in the forex market. The direction of the US dollar is likely to depend on how close is the liftoff from the Fed.