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4 Dec 2014
GBP/USD down from 1.5700
FXStreet (Edinburgh) - The sterling is now easing further ground vs. the US dollar, dragging GBP/USD back to the 1.5670/60 band, or session lows.
GBP/USD focus on the BoE, Payrolls
After hitting 1.5720 on Wednesday following a slightly hawkish tone from the Autumn Forecast Statement and a positive reading from the relevant Services PMI during November in the UK economy, the pair could not extend the upside any further, hampered by the increasing bid tone around the USD. Ahead in the day, the BoE will hold its MPC meeting, although no changes are expected in the refi rate (0.5%) and the asset purchase facility (£375 billion). Data wise, UK House Prices gauged by Nationwide surprised to the upside, rising 0.4% inter-month and 8.2% on an annualized basis.
GBP/USD levels to consider
The pair is now losing 0.14% at 1.5662 facing the next support at 1.5619 (low Dec.3) ahead of 1.5585 (2014 low Dec.1) and finally 1.5564 (low Sep.6 2013). On the upside, a break above 1.5706 (hourly high Dec.4) would expose 1.5719 (high Dec.3) and then 1.5726 (21-d MA).
GBP/USD focus on the BoE, Payrolls
After hitting 1.5720 on Wednesday following a slightly hawkish tone from the Autumn Forecast Statement and a positive reading from the relevant Services PMI during November in the UK economy, the pair could not extend the upside any further, hampered by the increasing bid tone around the USD. Ahead in the day, the BoE will hold its MPC meeting, although no changes are expected in the refi rate (0.5%) and the asset purchase facility (£375 billion). Data wise, UK House Prices gauged by Nationwide surprised to the upside, rising 0.4% inter-month and 8.2% on an annualized basis.
GBP/USD levels to consider
The pair is now losing 0.14% at 1.5662 facing the next support at 1.5619 (low Dec.3) ahead of 1.5585 (2014 low Dec.1) and finally 1.5564 (low Sep.6 2013). On the upside, a break above 1.5706 (hourly high Dec.4) would expose 1.5719 (high Dec.3) and then 1.5726 (21-d MA).