Back
9 Sep 2015
GBP/USD consolidates above 1.5350 ahead of BoE
FXStreet (Córdoba) - GBP/USD moved all day so far in a small trading range between 1.5405 and 1.5350. Currently is moving to the upside as the US dollar losses momentum against European currencies. But still remains far from the highs.
The pound is the worst performer among European currencies, as trader’s attention turns to tomorrow’s events. The Bank of England will announce its decision and also will release the minutes of the Monetary Policy Committee meeting. No change in rates or any extraordinary measures are expected, but the minutes could show how close the BoE is to a rate hike; the closer it is, the more the pound could gain in the market.
GBP/USD consolidating after rally
The pair is falling modestly on Wednesday, but it has risen more than 200 pips since the beginning of the week. The rally from form three month lows at 1.5160 (Sept 4 low), found resistance yesterday at 1.5410/15 while today the key resistance area become 1.5400.
On the opposite direction support might lie at 1.5345 (daily low) and 1.5330; below the last one the bearish pressure could increase significantly.
The pound is the worst performer among European currencies, as trader’s attention turns to tomorrow’s events. The Bank of England will announce its decision and also will release the minutes of the Monetary Policy Committee meeting. No change in rates or any extraordinary measures are expected, but the minutes could show how close the BoE is to a rate hike; the closer it is, the more the pound could gain in the market.
GBP/USD consolidating after rally
The pair is falling modestly on Wednesday, but it has risen more than 200 pips since the beginning of the week. The rally from form three month lows at 1.5160 (Sept 4 low), found resistance yesterday at 1.5410/15 while today the key resistance area become 1.5400.
On the opposite direction support might lie at 1.5345 (daily low) and 1.5330; below the last one the bearish pressure could increase significantly.