Wednesday, September 9, 2015

GBP/USD testing 1.5350, focus shifts to BOE ‘Super Thursday’

FXStreet (Mumbai) - The GBP/USD pair ran through a renewed selling wave in the mid-European session as markets continue to digest the latest UK fundamentals amid improving risk sentiment as European equities continue their upsurge.

GBP/USD fails again at 1.5400

The GBP/USD pair trades -0.26% lower at 1.5356, testing lows near 1.5350 levels. The major keeps pushing lower as markets continue to ditch the British currency amid a spate of recent weak fundamentals, with markets now anticipating an outrightly dovish BOE decision tomorrow.

Whilst the strengthening US dollar boosted by favorable sentiment in the financial markets on Chinese new policy measures also pressures the cable to the downside.

Markets now turn their attention towards tomorrow’s BOE ‘Super Thursday’ for further cues on the major. No major changes are expected in the policy though. Market watchers will pay attention to the vote composition to get hints about the timing of the first interest rate hike.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5437 (Aug 31 High) above which gains could be extended to 1.5509 (Aug 27 High) levels. On the flip side, support is seen at 1.5335 (Aug 31 Low) below which it could extend losses to 1.5272 (Today’s Low) levels.
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