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16 Mar 2015
GBP/USD hovers around 1.4770
FXStreet (Mumbai) - GBP/USD trimmed gains in the early European morning, extending its rebound from lowest levels in four and a half year reached in the US last session, mainly driven by an easing US dollar across the board.
GBP/USD slips from 1.4787 levels
The GBP/USD pair trades higher by 0.18% at 1.4770, trimming gains from 1.4787 levels. The cable bounced-back sharply from its lowest level since July 2010 as the US dollar bulls failed to extend its last week’s stellar performance. The upcoming FOMC statement on Wednesday is likely to be the main driver for GBP/USD in the week ahead, where the "patience" stance is expected to be dropped from its monetary policy statement while a June rate hike hint might be forthcoming.
GBP/USD dropped to fresh 4-1/2 year lows on Friday, undermined by BoE Governor Mark Carney speech, hinting at a possible delay in the central bank's rate hike projections.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4800 above which gains could be extended to 1.4850 levels. On the flip side, support is seen at 1.4735 (Today’s Low) levels below which it could extend losses to 1.4697 (March 13 Low) levels.
GBP/USD slips from 1.4787 levels
The GBP/USD pair trades higher by 0.18% at 1.4770, trimming gains from 1.4787 levels. The cable bounced-back sharply from its lowest level since July 2010 as the US dollar bulls failed to extend its last week’s stellar performance. The upcoming FOMC statement on Wednesday is likely to be the main driver for GBP/USD in the week ahead, where the "patience" stance is expected to be dropped from its monetary policy statement while a June rate hike hint might be forthcoming.
GBP/USD dropped to fresh 4-1/2 year lows on Friday, undermined by BoE Governor Mark Carney speech, hinting at a possible delay in the central bank's rate hike projections.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4800 above which gains could be extended to 1.4850 levels. On the flip side, support is seen at 1.4735 (Today’s Low) levels below which it could extend losses to 1.4697 (March 13 Low) levels.