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26 Jan 2015
GBP/USD well supported above 1.500 on BOE’s Forbes comments
FXStreet (Mumbai) - Cable snapped its long run of losses and rebounded from fresh one and a half year lows reached last week on a short-covering rally after the recent weakness.
The GBP/USD pair traded at 1.5015 levels, recording 0.15% gain on the day, having previously posted day’s high at 1.5043 and day’s low at 1.4988 levels. GBP/USD remains elevated as traders digest fresh comments from Bank of England (BoE) Monetary Policy Committee member Kristin Forbes saying that interest rates in the UK could begin to rise sooner than markets are predicting.
Meanwhile, markets treads waters ahead of the BoE's asset purchase facility report, UK GDP data for the fourth quarter due tomorrow and the Federal Reserve's meeting on Wednesday.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5030 (5-DMA) above which gains could be extended to 1.5088 (10-DMA). On the flip side, support is seen at 1.4948 (Jan 23 Low) below which it could extend losses to sub 1.4900 levels.
The GBP/USD pair traded at 1.5015 levels, recording 0.15% gain on the day, having previously posted day’s high at 1.5043 and day’s low at 1.4988 levels. GBP/USD remains elevated as traders digest fresh comments from Bank of England (BoE) Monetary Policy Committee member Kristin Forbes saying that interest rates in the UK could begin to rise sooner than markets are predicting.
Meanwhile, markets treads waters ahead of the BoE's asset purchase facility report, UK GDP data for the fourth quarter due tomorrow and the Federal Reserve's meeting on Wednesday.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5030 (5-DMA) above which gains could be extended to 1.5088 (10-DMA). On the flip side, support is seen at 1.4948 (Jan 23 Low) below which it could extend losses to sub 1.4900 levels.