17 Dec 2014
GBP/USD retreats, UK Labour Market Report, MPC Minutes in focus
FXStreet (Mumbai) - The British pound pared gains from the previous session and eased in early European morning as investors eye UK jobs data and Bank of England’s Monetary Policy Committee (MPC) minutes due for release shortly.
The GBP/USD pair trades now at 1.5725 levels, down -0.16% on the day. The pound reversed gains seen yesterday and trades lower as markets forecast UK unemployment rate to decline to 5.9%, while average earnings may continue to rise. Investors may also turn their attention to BOE’s MPC minutes which is expected to throw fresh light on the Britain’s inflation outlook.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5747 (Dec 15 High) above which gains could be extended to 1.5765 (Dec 1 High) levels. On the flip side, support is seen at 1.5649 (Dec 11 Low), below which it could extend losses to 1.5624 (Dec 9 Low) levels.
The GBP/USD pair trades now at 1.5725 levels, down -0.16% on the day. The pound reversed gains seen yesterday and trades lower as markets forecast UK unemployment rate to decline to 5.9%, while average earnings may continue to rise. Investors may also turn their attention to BOE’s MPC minutes which is expected to throw fresh light on the Britain’s inflation outlook.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5747 (Dec 15 High) above which gains could be extended to 1.5765 (Dec 1 High) levels. On the flip side, support is seen at 1.5649 (Dec 11 Low), below which it could extend losses to 1.5624 (Dec 9 Low) levels.