19 Aug 2015
GBP/USD consolidating below 1.5700
FXStreet (Edinburgh) - The sterling is posting marginal gains vs. the dollar on Wednesday, with GBP/USD attempting a consolidative pattern in the upper-1.5600s so far.
GBP/USD focus on US data, FOMC
The pair is navigating the key 1.5690/1.5700 band bolstered by yesterday’s auspicious results from UK inflation figures during the last month. In addition, comments by BoE officials arguing that a rate hike is close have given extra support to GBP.
However, the recent upside will be put to the test later in the session, as the focus of attention will turn to the release of the critical CPI gauges in the US economy during July, followed by the FOMC minutes, all against the rising expectations of a Fed’s lift-off in September.
GBP/USD key levels
At the moment the pair is up 0.16% at 1.5686 with the next resistance at 1.5719 (high Aug.18) ahead of 1.5734 (high Jul.1) and then 1.5789 (high Jun.29). On the other hand, a breach of 1.5562 (low Aug.18) would open the door to 1.5536 (low Aug.12) and finally 1.5500 (psychological level).
GBP/USD focus on US data, FOMC
The pair is navigating the key 1.5690/1.5700 band bolstered by yesterday’s auspicious results from UK inflation figures during the last month. In addition, comments by BoE officials arguing that a rate hike is close have given extra support to GBP.
However, the recent upside will be put to the test later in the session, as the focus of attention will turn to the release of the critical CPI gauges in the US economy during July, followed by the FOMC minutes, all against the rising expectations of a Fed’s lift-off in September.
GBP/USD key levels
At the moment the pair is up 0.16% at 1.5686 with the next resistance at 1.5719 (high Aug.18) ahead of 1.5734 (high Jul.1) and then 1.5789 (high Jun.29). On the other hand, a breach of 1.5562 (low Aug.18) would open the door to 1.5536 (low Aug.12) and finally 1.5500 (psychological level).