14 Jul 2015
GBP/USD spikes to 1.5600 on BOE’s Carney’s comments
FXStreet (Mumbai) - The British pound reversed losses and swung back higher versus the US dollar in the mid-European trades, sending GBP/USD to fresh session just ahead of 1.56 handle. The cable jolted higher in a knee-jerk reaction the BOE Governor Carney’s comments as he testifies on the Financial Stability Report (FSR) before the Treasury Select Committee, in London.
GBP/USD shoots from 1.5468
The GBP/USD pair trades 0.67% higher at 1.5584, retracing from session highs of 1.5602 reached some minutes ago. The major jumped nearly 140 pips higher in reaction to Bank of England (BOE) Governor Carney’s remarks, ‘the time for BOE rate increase is moving closer’.
Moreover, lifting the GBP/USD pair further, the US dollar lost ground once again and turned into the negative territory against its major peers. The dollar index which measures the greenback’s strength against its major peers, now trades -0.20% lower at 96.74.
Markets now await more insights from BOE Carney as he speaks during his testimony before the treasury committee in London while US macro releases are also eagerly awaited for further USD moves.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5602 (Today’s High) above which gains could be extended to 1.5650 levels. On the flip side, support is seen at 1.5451 (Today’s Low) below which it could extend losses to 1.5400 levels.
GBP/USD shoots from 1.5468
The GBP/USD pair trades 0.67% higher at 1.5584, retracing from session highs of 1.5602 reached some minutes ago. The major jumped nearly 140 pips higher in reaction to Bank of England (BOE) Governor Carney’s remarks, ‘the time for BOE rate increase is moving closer’.
Moreover, lifting the GBP/USD pair further, the US dollar lost ground once again and turned into the negative territory against its major peers. The dollar index which measures the greenback’s strength against its major peers, now trades -0.20% lower at 96.74.
Markets now await more insights from BOE Carney as he speaks during his testimony before the treasury committee in London while US macro releases are also eagerly awaited for further USD moves.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5602 (Today’s High) above which gains could be extended to 1.5650 levels. On the flip side, support is seen at 1.5451 (Today’s Low) below which it could extend losses to 1.5400 levels.