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22 May 2015
GBP/USD in red near 1.5650 ahead of Carney’s speech
FXStreet (Mumbai) - The British pound trades keep losses against the US dollar in the mid-European session, with GBP/USD hovering near fresh session lows as traders digest BOE MPC Shafik comments just ahead of BOE Carney’s speech at the ECB forum in Portugal.
GBP/USD drops from 1.5660
The GBP/USD pair trades lower by -0.10% at 1.5648, inching towards fresh session lows reached at 1.5436 some time ago. The cable dipped on to losses in anticipation of slightly dovish comments from Carney. While markets continue to absorb Shafik’s speech.
Shafik attributed the recent drop in gilt yields to the ongoing impact of the QE programs across the globe, increased weight attached to downside risks and persistent drag stemming from deleveraging - not low inflation or growth expectations.
Meanwhile, markets eagerly await Carney and Yellen speeches, with fresh inflation data from the US also on the schedule.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5700 above which gains could be extended to 1.5751 (May 18 High) levels. On the flip side, support is seen at 1.5600 below which it could extend losses to 1.5520 (May 21 Low) levels.
GBP/USD drops from 1.5660
The GBP/USD pair trades lower by -0.10% at 1.5648, inching towards fresh session lows reached at 1.5436 some time ago. The cable dipped on to losses in anticipation of slightly dovish comments from Carney. While markets continue to absorb Shafik’s speech.
Shafik attributed the recent drop in gilt yields to the ongoing impact of the QE programs across the globe, increased weight attached to downside risks and persistent drag stemming from deleveraging - not low inflation or growth expectations.
Meanwhile, markets eagerly await Carney and Yellen speeches, with fresh inflation data from the US also on the schedule.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5700 above which gains could be extended to 1.5751 (May 18 High) levels. On the flip side, support is seen at 1.5600 below which it could extend losses to 1.5520 (May 21 Low) levels.