Back
11 May 2015
GBP/USD keeps losses above 1.54 ahead of BOE
FXStreet (Mumbai) - The British pound recovered from a brief dip below 1.54 handle, although remains in red against its US counterpart in the European session, with GBP/USD back above 1.5400, largely as sterling remains choppy amid lack of economic releases with traders cautious ahead of delayed Bank of England’s (BOE) statement due to be published later today.
GBP/USD regains 1.54 handle
The GBP/USD pair trades -0.28% lower at 1.5413, recovering from 1.5394 lows. The cable is seen consolidating on the downside in a 60-pips range mainly driven by USD moves in absence of fundamentals amid a data-dry EUR calendar today.
The greenback continues to remain supported on the back of better than expected US jobs data released last week, continues to weigh on the cable. The DXY trades higher by 0.25% at 95.14 levels, retreating from 95.34 session highs.
GBP/USD remains pressured as traders anticipate the BOE statement to be eventless with little impact on the pound. The policymakers are very likely to keep the monetary policy stance unchanged in May by maintaining the base interest rate at the record low level of 0.5% amid slowing growth and very weak CPI at the moment.
Meanwhile, US labour market condition will be reported in the US session amid a data-thin trading session today.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5456 (Today’s High) above which gains could be extended to 1.5500 (April 29 High) levels. On the flip side, support is seen at 1.5394 (Today’s Low) below which it could extend losses to 1.5381 (Feb 27 Low) levels.
GBP/USD regains 1.54 handle
The GBP/USD pair trades -0.28% lower at 1.5413, recovering from 1.5394 lows. The cable is seen consolidating on the downside in a 60-pips range mainly driven by USD moves in absence of fundamentals amid a data-dry EUR calendar today.
The greenback continues to remain supported on the back of better than expected US jobs data released last week, continues to weigh on the cable. The DXY trades higher by 0.25% at 95.14 levels, retreating from 95.34 session highs.
GBP/USD remains pressured as traders anticipate the BOE statement to be eventless with little impact on the pound. The policymakers are very likely to keep the monetary policy stance unchanged in May by maintaining the base interest rate at the record low level of 0.5% amid slowing growth and very weak CPI at the moment.
Meanwhile, US labour market condition will be reported in the US session amid a data-thin trading session today.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5456 (Today’s High) above which gains could be extended to 1.5500 (April 29 High) levels. On the flip side, support is seen at 1.5394 (Today’s Low) below which it could extend losses to 1.5381 (Feb 27 Low) levels.