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22 May 2015
GBP/USD meanders near lows circa 1.5660
FXStreet (Mumbai) - The British pound wiped out early gains against the US dollar in the European session, with GBP/USD trading almost unchanged on the 1.56 handle amid a data-empty GBP calendar while markets remain wary ahead of Bank of England’s (BOE) MPC member Shafik speech followed by the Governor Carney speech at the ECB Forum on Central Banking titled "Inflation and Unemployment in Europe," in Portugal.
GBP/USD rejected at 1.57
The GBP/USD pair trades flat at 1.5660, having previously posted session highs at 1.5690. The cable pared gains and trades muted near lows as traders’ boked profit on their GBP longs after the recent strength backed by upbeat UK retail sales data. Markets remain in a wait-and-see mode before the key BOE Carney’s speech to be delivered later in the session.
Meanwhile, the pound also remained unaffected by persistent US dollar softness across the board. The dollar index, which measures the currency's strength against its major peers, trades near session lows at 95.10, recording a -0.40% loss on the day.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5700 above which gains could be extended to 1.5751 (May 18 High) levels. On the flip side, support is seen at 1.5600 below which it could extend losses to 1.5520 (May 21 Low) levels.
GBP/USD rejected at 1.57
The GBP/USD pair trades flat at 1.5660, having previously posted session highs at 1.5690. The cable pared gains and trades muted near lows as traders’ boked profit on their GBP longs after the recent strength backed by upbeat UK retail sales data. Markets remain in a wait-and-see mode before the key BOE Carney’s speech to be delivered later in the session.
Meanwhile, the pound also remained unaffected by persistent US dollar softness across the board. The dollar index, which measures the currency's strength against its major peers, trades near session lows at 95.10, recording a -0.40% loss on the day.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5700 above which gains could be extended to 1.5751 (May 18 High) levels. On the flip side, support is seen at 1.5600 below which it could extend losses to 1.5520 (May 21 Low) levels.