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5 Feb 2015
GBP/USD regains 1.5200, BOE Meeting in focus
FXStreet (Mumbai) - GBP/USD edged higher in the early European morning, extending gains for the third straight session as traders now focus on the Bank of England (BOE) meeting on rate decision due later today.
Faces stiff resistance at 1.5214 levels
The GBP/USD pair traded at 1.5206 levels, up 0.18% on the day, hovering close to fresh day’s high posted at 1.5214 levels an hour ago. GBP/USD pulled away from fresh two week highs reached in the previous session after USD strengthened on upbeat services PMI numbers. However, the pair regained footing and remains supported above 1.5200 levels on a series of better-than forecasts PMI readings released during the week.
In the session ahead, markets now eye BOE rate decision followed by BOE MPC statement for further direction on the GBP/USD pair. The BOE interest rate is expected to remain unchanged, amid signs the UK economy might have slowed less than expected.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5252 above which gains could be extended to 1.5270 levels. On the flip side, support is seen at 1.5135 below which it could extend losses to sub 1.5100 levels.
Faces stiff resistance at 1.5214 levels
The GBP/USD pair traded at 1.5206 levels, up 0.18% on the day, hovering close to fresh day’s high posted at 1.5214 levels an hour ago. GBP/USD pulled away from fresh two week highs reached in the previous session after USD strengthened on upbeat services PMI numbers. However, the pair regained footing and remains supported above 1.5200 levels on a series of better-than forecasts PMI readings released during the week.
In the session ahead, markets now eye BOE rate decision followed by BOE MPC statement for further direction on the GBP/USD pair. The BOE interest rate is expected to remain unchanged, amid signs the UK economy might have slowed less than expected.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5252 above which gains could be extended to 1.5270 levels. On the flip side, support is seen at 1.5135 below which it could extend losses to sub 1.5100 levels.