16 Feb 2015
GBP/USD hovers around fresh 7-week highs
FXStreet (Mumbai) - GBP/USD remained in green above the 1.54 handle in the European session, retreating from fresh seven week highs previously posted after Bank of England’s (BOE) inflation report last week raised speculations of an earlier rate hike than initially estimated.
GBP/USD declines from 1.5440 levels
The GBP/USD pair trades higher by 0.12% at 1.5414 levels, bouncing off fresh seven week highs at 1.5440 level. GBP/USD advanced in the European morning largely on expectations of a rate lift-off in BOE’s next meeting following a series of upbeat UK macro data and inflation predictions raised for the medium-term.
Moreover, BOE member Martin Weale’s comments over the weekend that he expected a rise in rates much sooner than expected also added to the gains in the cable. Meanwhile, the pair may remain lifted amid broad based US dollar weakness and lack of macro data for the pair as US is closed for a national holiday.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5440 above which gains could be extended to 1.5500 levels. On the flip side, support is seen at 1.5394 below which it could extend losses to sub 1.5367 (5-DMA) levels.
GBP/USD declines from 1.5440 levels
The GBP/USD pair trades higher by 0.12% at 1.5414 levels, bouncing off fresh seven week highs at 1.5440 level. GBP/USD advanced in the European morning largely on expectations of a rate lift-off in BOE’s next meeting following a series of upbeat UK macro data and inflation predictions raised for the medium-term.
Moreover, BOE member Martin Weale’s comments over the weekend that he expected a rise in rates much sooner than expected also added to the gains in the cable. Meanwhile, the pair may remain lifted amid broad based US dollar weakness and lack of macro data for the pair as US is closed for a national holiday.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5440 above which gains could be extended to 1.5500 levels. On the flip side, support is seen at 1.5394 below which it could extend losses to sub 1.5367 (5-DMA) levels.