Back
11 Sep 2015
GBP/USD rejected at key resistance
FXStreet (Mumbai) - The GBP/USD pair strengthened in the Asian session, but bulls lost the will at 1.5460 (61.8% of June rally) and paved way for a fall back towards 1.5440 levels.
Focus on Fed
The USD was offered in the NY session and the weakness was extended in the Asian session today as markets focused on the recent comments from the anti-Fed rate hike lobby. The markets may chose to remain focused on the rate hike bets heading into the weekend, given the absence of a major market moving data at both the sides of the Atlantic.
At the moment, the 2-year yield is dead flat. Meanwhile, Fed fund futures indicate about 28-30% probability of a rate hike happening next week.
GBP/USD Technical Levels
The spot currently trades at 1.5445. The immediate support is seen at 1.5424 (Aug 7 low), under which losses could be extended to 1.54 levels. On the other side, resistance is located at 1.5460 (61.8% of June rally) and 1.55 levels.
Focus on Fed
The USD was offered in the NY session and the weakness was extended in the Asian session today as markets focused on the recent comments from the anti-Fed rate hike lobby. The markets may chose to remain focused on the rate hike bets heading into the weekend, given the absence of a major market moving data at both the sides of the Atlantic.
At the moment, the 2-year yield is dead flat. Meanwhile, Fed fund futures indicate about 28-30% probability of a rate hike happening next week.
GBP/USD Technical Levels
The spot currently trades at 1.5445. The immediate support is seen at 1.5424 (Aug 7 low), under which losses could be extended to 1.54 levels. On the other side, resistance is located at 1.5460 (61.8% of June rally) and 1.55 levels.