15 Jul 2015
GBP/USD extends losses after Yellen speech
FXStreet (Mumbai) - The USD strengthened across the board in the initial reaction to the speech from Yellen’s semi-annual testimony, pushing the GBP/USD pair to a session low of 1.5602.
GBP relatively resilient
The British Pound remains relatively resilient after Fed chairwoman reiterated that the central bank is likely to raise interest rates "at some point this year" if the U.S. economy stays on its current growth path. The pair suffered losses which are comparatively less than seen in the EUR/USD pair. Moreover, The Bank of England too is on road to hike rates in 2016.
Ahead in the day, the pair could be influenced by FOMC member Mester’s and Willams’ speech due later today. The Greek parliamentary vote could also influence the cable.
GBP/USD Technical Levels
The pair currently trades around 1.5610. The immediate resistance is located at 1.5640 (38.2% Fib R of June rally), above which the pair could target 1.57. On the other hand, support is seen at 1.56 and 1.5550 (50% Fib R of June rally).
GBP relatively resilient
The British Pound remains relatively resilient after Fed chairwoman reiterated that the central bank is likely to raise interest rates "at some point this year" if the U.S. economy stays on its current growth path. The pair suffered losses which are comparatively less than seen in the EUR/USD pair. Moreover, The Bank of England too is on road to hike rates in 2016.
Ahead in the day, the pair could be influenced by FOMC member Mester’s and Willams’ speech due later today. The Greek parliamentary vote could also influence the cable.
GBP/USD Technical Levels
The pair currently trades around 1.5610. The immediate resistance is located at 1.5640 (38.2% Fib R of June rally), above which the pair could target 1.57. On the other hand, support is seen at 1.56 and 1.5550 (50% Fib R of June rally).