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14 May 2015
GBP/USD retreats from 6-month highs near 1.5760
FXStreet (Mumbai) - GBP/USD shed most gains and retraced from fresh half-yearly highs in the European session, largely on Bank of England’s (BOE) Governor Carney’s comment. While the pair eases–off also after the US dollar stalled its downslide and recovered minor losses versus its major competitors.
GBP/USD drops from 1.5789
The GBP/USD pair trades modestly flat at 1.5760, sliding from fresh six months highs reached at 1.5789 in last hours. The cable trimmed gains and inches closer towards 1.5750 levels mainly driven by BOE Carney’s less upbeat comments on the UK economy.
Carney said the BoE still expects the annual rate of CPI to dip below zero next month. He again reiterated the UK economy is still facing both external and internal headwinds stemming from softer global growth and fiscal consolidation policies.
Moreover, a minor rebound seen in the US dollar across the board, bouncing-off fresh four month lows also drags the cable lower.
Meanwhile, markets eagerly await US macro data flow, in absence of economic data during the European session, for further momentum.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5789 (Today’s High) above which gains could be extended to 1.5828 (Nov 17 High) levels. On the flip side, support is seen at 1.5700 below which it could extend losses to 1.5650 levels.
GBP/USD drops from 1.5789
The GBP/USD pair trades modestly flat at 1.5760, sliding from fresh six months highs reached at 1.5789 in last hours. The cable trimmed gains and inches closer towards 1.5750 levels mainly driven by BOE Carney’s less upbeat comments on the UK economy.
Carney said the BoE still expects the annual rate of CPI to dip below zero next month. He again reiterated the UK economy is still facing both external and internal headwinds stemming from softer global growth and fiscal consolidation policies.
Moreover, a minor rebound seen in the US dollar across the board, bouncing-off fresh four month lows also drags the cable lower.
Meanwhile, markets eagerly await US macro data flow, in absence of economic data during the European session, for further momentum.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5789 (Today’s High) above which gains could be extended to 1.5828 (Nov 17 High) levels. On the flip side, support is seen at 1.5700 below which it could extend losses to 1.5650 levels.