10 Jul 2015
GBP/USD: Below 1.55, supply coming in on Yellen
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5480 with a high of 1.5552 and a low of 1.5362.
GBP/USD is dropping through the 1.55 handle on the back of Yellen saying that it would be appropriate to start raising rates at some point this year, however, the dollar is not racing ahead due to her saying that unanticipated developments could delay or accelerate the first step while she expects pace of tightening to be gradual, still the Economic, inflation outlook highly uncertain.
Technically, GBP/USD remains under pressure following its recent break below its 3 month uptrend. Karen Jones, chief analyst at Commerzbank noted the technical bearish conditions surrounding GBP/USD "It has also completed a large bearish rising wedge pattern. "The market will remain offered by the 1.5592 breached support line."
GBP/USD is dropping through the 1.55 handle on the back of Yellen saying that it would be appropriate to start raising rates at some point this year, however, the dollar is not racing ahead due to her saying that unanticipated developments could delay or accelerate the first step while she expects pace of tightening to be gradual, still the Economic, inflation outlook highly uncertain.
Technically, GBP/USD remains under pressure following its recent break below its 3 month uptrend. Karen Jones, chief analyst at Commerzbank noted the technical bearish conditions surrounding GBP/USD "It has also completed a large bearish rising wedge pattern. "The market will remain offered by the 1.5592 breached support line."