Back
11 Sep 2015
GBP/USD off lows after BOE Forbes comments
FXStreet (Mumbai) - The GBP/USD now dropped below Tuesday’s high of 1.5413 before recovering quickly to trade around 1.5425 levels ahead of the US session.
Supported by 1.5405
The bid tone on the GBP slightly improved, ensuring the pair reversed from the low of 1.5405 after Bank of England member Forbes played down the disinflationary effect of the strong pound, thereby hinting at a possible tightening of the monetary policy.
The spot was rejected earlier today at a high of 1.5460 (61.8% of June rally), after which a bout of profit taking slowly pushed it back towards 1.54 levels. Ahead in the day, the spot could be affected by the US Michigan confidence and Import price index figures.
GBP/USD Technical Levels
The immediate resistance is located at 1.5460 (61.8% of June rally), ahead of a major hurdle at 1.55 levels. On the other side, support is seen at 1.54 (hourly 50-MA) and 1.5317 (hourly 200-MA).
Supported by 1.5405
The bid tone on the GBP slightly improved, ensuring the pair reversed from the low of 1.5405 after Bank of England member Forbes played down the disinflationary effect of the strong pound, thereby hinting at a possible tightening of the monetary policy.
The spot was rejected earlier today at a high of 1.5460 (61.8% of June rally), after which a bout of profit taking slowly pushed it back towards 1.54 levels. Ahead in the day, the spot could be affected by the US Michigan confidence and Import price index figures.
GBP/USD Technical Levels
The immediate resistance is located at 1.5460 (61.8% of June rally), ahead of a major hurdle at 1.55 levels. On the other side, support is seen at 1.54 (hourly 50-MA) and 1.5317 (hourly 200-MA).