11 Feb 2015
GBP/USD inches closer to 1.53 levels
FXStreet (Mumbai) - The GBP/USD continues to show resilience near 1.53 levels as the British Pound benefits from the fall in the EUR/GBP cross ahead of the Eurozone talks over Greece, while markets anticipate a hawkish Bank of England (BOE) Quarterly Inflation Report (QIR).
GBP hits seven year high against the EUR
The EUR/GBP pair fell to 0.7384, its lowest since January 2008 as markets continue to bet that no concrete deal would be reached today between Greece and in its international creditors. The cross demand for GBP helping the cable sustain gains near 1.53 levels.
Meanwhile, the markets are also pricing-in a hawkish QIR inflation report due for release tomorrow. Moreover, the BOE is likely to focus on the positive impact of a fall in inflation on domestic consumption.
GBP/USD Technical Levels
The pair trades at 1.5296 levels. The immediate resistance is seen at 1.5318 (Jan. 5th high), above which gains could be extended to 1.5350 (Feb. 6 high). Meanwhile, support is seen at 1.5285 (50-DMA) and 1.5249 (5-DMA) levels.
GBP hits seven year high against the EUR
The EUR/GBP pair fell to 0.7384, its lowest since January 2008 as markets continue to bet that no concrete deal would be reached today between Greece and in its international creditors. The cross demand for GBP helping the cable sustain gains near 1.53 levels.
Meanwhile, the markets are also pricing-in a hawkish QIR inflation report due for release tomorrow. Moreover, the BOE is likely to focus on the positive impact of a fall in inflation on domestic consumption.
GBP/USD Technical Levels
The pair trades at 1.5296 levels. The immediate resistance is seen at 1.5318 (Jan. 5th high), above which gains could be extended to 1.5350 (Feb. 6 high). Meanwhile, support is seen at 1.5285 (50-DMA) and 1.5249 (5-DMA) levels.