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GBP/USD attacks 1.5100 on BOE’s Haldane, Carney

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The British pound came under fresh selling pressure against its US counterpart in the mid-European session, now pushing GBP/USD to fresh session lows just ahead of 1.51 handle.

    GBP/USD drops on BOE Carney's Testimony

    The GBP/USD pair drops -0.11% to fresh daily lows at 1.5107, unable to withstand 1.5130 barrier. The latest downbeat comments from BOE policymakers, Haldane and Carney, on the UK economy added to the further bearish pressures on the pound, dragging the GBP/USD further towards 1.51 handle.

    BOE Haldane noted, “Balance of risks around UK GDP growth and inflation skewed materially to the downside.” Further BOE Governor Carney in his testimony on the UK inflation report said that the economy is expected to remain in low interest rate environment for some time.

    However, the losses appear restricted on the back of broad based US dollar technical correction from over seven-month highs. While markets also booked profits on their USD longs ahead of the main risk event for today, the US prelim Q3 GDP figures.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5156 (daily high), above which 1.5197/1.5200 (Nov 23 High/ round umber) would be tested. On the flip side, support is seen at 1.5089 (Nov 10 Low) below which it could extend losses to 1.5038 (Nov 9 Low).
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