20 Jan 2015
GBP/USD steadies below 1.51, USD bulls weigh
FXStreet (Mumbai) - Cable remains in red in the early European morning, recovering slightly from steep losses witnessed in the Asian session as US dollar strengthened against most of its major trading partners.
The GBP/USD pair traded at 1.5077 levels, down -0.23% on the day, pulling away from intraday low of 1.5058 levels hit earlier in the day. GBP/USD may remained pressured as the US dollar continued to head higher against major currencies, reversing last week’s losses after the SNB collapse. Meanwhile, traders now eye the Bank of England (BOE) Monetary Policy Committee's (MPC) January meeting minutes, reporting the vote of each member during the recent meeting, which will be released tomorrow.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5100 above which gains could be extended to 1.5156 levels. On the flip side, support is seen at 1.5053 (Jan 7 Low), below which it could extend losses to sub 1.5032 (Jan 8 Low) levels.
The GBP/USD pair traded at 1.5077 levels, down -0.23% on the day, pulling away from intraday low of 1.5058 levels hit earlier in the day. GBP/USD may remained pressured as the US dollar continued to head higher against major currencies, reversing last week’s losses after the SNB collapse. Meanwhile, traders now eye the Bank of England (BOE) Monetary Policy Committee's (MPC) January meeting minutes, reporting the vote of each member during the recent meeting, which will be released tomorrow.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5100 above which gains could be extended to 1.5156 levels. On the flip side, support is seen at 1.5053 (Jan 7 Low), below which it could extend losses to sub 1.5032 (Jan 8 Low) levels.