Thursday, September 10, 2015

GBP/USD test 1.5400 ahead of BoE

FXStreet (Edinburgh) - The pound is now gathering further traction vs. the dollar, lifting GBP/USD to the 1.5400 neighbourhood.

GBP/USD attention to BoE, minutes

The bid tone remains intact around GBP during the second half of the week, now helping spot to flirt with the critical 1.54 barrier.

Market consensus expects the BoE to leave its benchmark rate at 0.5% and the asset purchase facility at £375 billion at today’s meeting, while market participants will scrutinize the MPC voting pattern and the minutes’ wording, searching for clues on the timing of a rate hike by the BoE.

GBP/USD levels to watch

As of writing the pair is advancing 0.15% at 1.5395 with the next resistance at 1.5406 (high Sep.8) ahead of 1.5437 (high Aug.31) and then 1.5505 (high Aug.27). On the other hand, a break below 1.5270 (low Sep.8) would open the door to 1.5150 (low May 6) and finally 1.5089 (low May 5).
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