8 Jan 2015
GBP/USD likely to retest fresh 18-month lows; BOE Meeting eyed
FXStreet (Mumbai) - Cable remained weak, hovering around fresh eighteen-month lows reached at 1.5034 levels, as traders now turn their focus on upcoming Bank of England (BOE) Meeting for further cues the pair.
The GBP/USD pair traded at 1.5054 levels, down -0.38%, recovering slightly from fresh daily lows. The cable continued to trade lower, however cautiously traders await the BoE meeting that is expected to keep the interest rates and asset purchases program unchanged amid signs of softer economic growth.
The GBP/USD pair is likely to retest daily lows as selling pressure may intensify post the BOE meeting as no significant support for the pound is expected from the policy decision meet.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5117 (Today’s High) above which gains could be extended to 1.5156 (Jan 7 High) levels. On the flip side, support is seen at 1.5053, below which it could extend losses to 1.50 levels.
The GBP/USD pair traded at 1.5054 levels, down -0.38%, recovering slightly from fresh daily lows. The cable continued to trade lower, however cautiously traders await the BoE meeting that is expected to keep the interest rates and asset purchases program unchanged amid signs of softer economic growth.
The GBP/USD pair is likely to retest daily lows as selling pressure may intensify post the BOE meeting as no significant support for the pound is expected from the policy decision meet.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5117 (Today’s High) above which gains could be extended to 1.5156 (Jan 7 High) levels. On the flip side, support is seen at 1.5053, below which it could extend losses to 1.50 levels.