Thursday, September 10, 2015

GBP/USD turns positive near 1.5370, BOE in focus

FXStreet (Mumbai) - The British pound managed to recover lost ground somewhat versus the US dollar in the European morning, now lifting GBP/USD to fresh session highs near 1.5375 levels.

GBP/USD rises from 1.5350

The GBP/USD pair trades modestly flat at 1.5368, testing session highs near 1.5376 levels. The major recovered losses and now treads water as GBP traders have turned cautious and prefer to remain on the side lines ahead of BOE policy decision and the minutes release, which widely expected to bring in no new surprises.

Moreover, traders remain wary amid choppy price action seen in the European indices and instead favor the US currency, hence capping the upside in GBP/USD.

Markets now turn their attention towards the upcoming BOE event 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 1.5400 (Psychological levels) above which gains could be extended to 1.5437 (Aug 31 High) levels. On the flip side, support is seen at 1.5339 (Today’s Low) below which it could extend losses to 1.5266 (Sept 8 Low) levels.
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