12 May 2015
GBP/USD returns to 1.5680
FXStreet (Edinburgh) - The upside in sterling now seems to be entering a phase of consolidation, with GBP/USD deflating from daily highs to the current area of 1.5680/70.
GBP/USD focus on UK data, BoE
Big day for the pound on Wednesday, as UK’s labour market figures are due ahead of the critical Quarterly Inflation Report by the BoE and Governor Carney’s speech. The ongoing GBP-strength will surely be put to the test, as prior surveys expect the Claimant Count Change to have decreased by 20.0K during April and the jobless rate to have ticked lower to 5.5% in the three months ended in March.
In the meantime, sterling keeps the upbeat tone, advancing more than five big-figures since levels around 1.5160 pre-UK elections last week.
GBP/USD key levels
As of writing the pair is up 0.63% at 1.5684 with the next resistance at 1.5713 (high May 12) ahead of 1.5753 (high Dec.17) and then 1.5785 (high Dec.16). On the flip side, a break below 1.5557 (low May 12) would open the door to 1.5498 (high Apr.29) and finally 1.5393 (low May 11).
GBP/USD focus on UK data, BoE
Big day for the pound on Wednesday, as UK’s labour market figures are due ahead of the critical Quarterly Inflation Report by the BoE and Governor Carney’s speech. The ongoing GBP-strength will surely be put to the test, as prior surveys expect the Claimant Count Change to have decreased by 20.0K during April and the jobless rate to have ticked lower to 5.5% in the three months ended in March.
In the meantime, sterling keeps the upbeat tone, advancing more than five big-figures since levels around 1.5160 pre-UK elections last week.
GBP/USD key levels
As of writing the pair is up 0.63% at 1.5684 with the next resistance at 1.5713 (high May 12) ahead of 1.5753 (high Dec.17) and then 1.5785 (high Dec.16). On the flip side, a break below 1.5557 (low May 12) would open the door to 1.5498 (high Apr.29) and finally 1.5393 (low May 11).