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GBP/USD re-takes 1.5500 on BOE’s McCafferty

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - A renewed buying interest was seen in the pound, driving the GBP/USD back to 1.55 handle, after the hawkish comments from BOE policymaker McCafferty.

    GBP/USD supported at 100-DMA

    The GBP/USD pair trades 0.14% higher at 1.5490, having once again tested the crucial 1.55 barrier in last hours. The major re-attempted a bounce to 1.55 handle after the pound was boosted following the comments from the BOE MPC member Ian McCafferty.

    The BOE policymaker noted that the credit conditions for the business sector in the UK have eased and this calls for a rate-hike sooner rather than later.

    While BOE Governor Carney’s testimony on the Bank of England (BOE) Bill before the Treasury Select Committee turned out to be a non-event, as the central bank chief didn’t touch upon the monetary policy.

    Meanwhile, the EUR macro calendar remains data-thin ahead and hence the focus now shifts towards the Fed officials’ speeches for any hint on the timing of the Fed rate lift-off.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5503/06 (daily R1 + Today’s High) above which gains could be extended to 1.5513/17 (Oct 15 High + h1 R2). On the flip side, support is seen at 1.5459/55 (Today’s Low & 50-DMA) below which it could extend losses to 1.5400 (round number).
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