21 Jan 2015
GBP/USD slightly up ahead of UK employment data
FXStreet (Mumbai) - The British Pound is gaining strength against the US dollar ahead of the data in the UK,which is likely to show the unemployment rate ticked down in November.
The GBP/USD pair currently trades 0.17% higher at 1.5169 levels. A sharp recovery was seen yesterday from the low of 1.5057 as the Gilt yields edged higher. However, the pair faced rejection yet again near 1.52 levels. Investors now turn their attention towards the Bank of England (BOE) minutes and employment data due for release today. The BOE minutes are unlikely to come-up with surprises. The possibility of a dovish tilt with regards to the interest rate hike is already priced-in by the markets. Meanwhile, the jobless claims in December are seen at -25K, while the unemployment rate is seen at 5.9% in November. The pair is likely to trade in a sideways manner ahead of the BOE minutes and the UK data.
GBP/USD Technical Levels
The immediate resistance is seen at 1.52 and 1.5233 levels. On the other hand, a break below 1.528 levels, shall open doors for a re-test of 1.5057 levels.
The GBP/USD pair currently trades 0.17% higher at 1.5169 levels. A sharp recovery was seen yesterday from the low of 1.5057 as the Gilt yields edged higher. However, the pair faced rejection yet again near 1.52 levels. Investors now turn their attention towards the Bank of England (BOE) minutes and employment data due for release today. The BOE minutes are unlikely to come-up with surprises. The possibility of a dovish tilt with regards to the interest rate hike is already priced-in by the markets. Meanwhile, the jobless claims in December are seen at -25K, while the unemployment rate is seen at 5.9% in November. The pair is likely to trade in a sideways manner ahead of the BOE minutes and the UK data.
GBP/USD Technical Levels
The immediate resistance is seen at 1.52 and 1.5233 levels. On the other hand, a break below 1.528 levels, shall open doors for a re-test of 1.5057 levels.