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20 May 2015
GBP/USD keeps losses below 1.55 ahead of BOE minutes
FXStreet (Mumbai) - The British pound maintained an offered tone against the American dollar in the European morning, with GBP/USD recovering partial losses, mainly driven by the rising US dollar across the board boosted by the latest US fundamentals. While traders await Bank of England (BoE) minutes due later in the session, although the tone is expected to be rather neutral which may not create much volatility.
GBP/USD eases off lows at 1.5473
The GBP/USD pair trades -0.14% at 1.5494, having posted session lows at 1.5473 levels. The cable recovers from fresh lows and attempts to reclaim 1.55 handle as the US dollar seems have paused its rally and eased off highs against its major competitors.
The dollar index, which measures the currency's strength against its major peers, retreated from 95.94 highs and now trades at 95.71, recording a 0.36% gain on the day.
Meanwhile, markets now await BOE MPC minutes which is due to be published later this session. Today’s minutes is expected to offer no surprise in voting composition among the nine-strong rate-setting committee as both external and internal price pressures remain significantly weak, leading to deflation in April.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5525 (Today’s High) above which gains could be extended to 1.5600 levels. On the flip side, support is seen at 1.5473 (Today’s Low) below which it could extend losses to 1.5445 (May 19 Low) levels.
GBP/USD eases off lows at 1.5473
The GBP/USD pair trades -0.14% at 1.5494, having posted session lows at 1.5473 levels. The cable recovers from fresh lows and attempts to reclaim 1.55 handle as the US dollar seems have paused its rally and eased off highs against its major competitors.
The dollar index, which measures the currency's strength against its major peers, retreated from 95.94 highs and now trades at 95.71, recording a 0.36% gain on the day.
Meanwhile, markets now await BOE MPC minutes which is due to be published later this session. Today’s minutes is expected to offer no surprise in voting composition among the nine-strong rate-setting committee as both external and internal price pressures remain significantly weak, leading to deflation in April.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5525 (Today’s High) above which gains could be extended to 1.5600 levels. On the flip side, support is seen at 1.5473 (Today’s Low) below which it could extend losses to 1.5445 (May 19 Low) levels.