15 Sep 2015
GBP/USD consolidates around 1.5440
FXStreet (Mumbai) - The GBP/USD was back to square one after the UK inflation report and now trades in the sideways manner around 1.5440 levels.
Focus shifts to US data
The spike to 1.5460 quickly faded away as investors wait to see if the US advance retail sales report due later today manages to significantly alter the rate September rate hike bets. At the moment, the fed funds futures indicate a 30% probability of a rate hike in September.
Meanwhile, the 2-year treasury yield trades flat and thus fails to provide any clues to the FX markets.
Apart from the retail sales report, the investors will also keep an eye on US industrial production and regional manufacturing indices, although they may not alter rate hike bets significantly.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5460 (61.8% of June rally), above which the pair could target 1.55 levels. On the other side, support is seen at 1.54 and 1.5372 (Sep 14 low).
Focus shifts to US data
The spike to 1.5460 quickly faded away as investors wait to see if the US advance retail sales report due later today manages to significantly alter the rate September rate hike bets. At the moment, the fed funds futures indicate a 30% probability of a rate hike in September.
Meanwhile, the 2-year treasury yield trades flat and thus fails to provide any clues to the FX markets.
Apart from the retail sales report, the investors will also keep an eye on US industrial production and regional manufacturing indices, although they may not alter rate hike bets significantly.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5460 (61.8% of June rally), above which the pair could target 1.55 levels. On the other side, support is seen at 1.54 and 1.5372 (Sep 14 low).