12 Feb 2015
GBP/USD rises above 1.5400
FXStreet (Córdoba) - GBP/USD extended gains and broke above the 1.54 mark during the American afternoon, as the pound remains underpinned by a relatively hawkish BoE Quarterly Inflation Report.
The pound remains among the best performers on Thursday after the BoE left the door open for a rate hike next year despite a sharp slowdown in UK inflation and global economic concerns. This coupled with disappointing US data weighed on the greenback, sending GBP/USD to a fresh 6-week high of 1.5414 in recent dealings.
GBP/USD levels to watch
At time of writing, Cable is trading at 1.5405, recording a 1.16% gain, with immediate resistances lining up at 1.5414 (daily high), 1.5485 (Dec 24 low) and 1.5500 (psychological level). On the flip side, supports are seen at 1.5351/48 (Feb 6 high/50-day SMA) and 1.5300 (psychological level).
The pound remains among the best performers on Thursday after the BoE left the door open for a rate hike next year despite a sharp slowdown in UK inflation and global economic concerns. This coupled with disappointing US data weighed on the greenback, sending GBP/USD to a fresh 6-week high of 1.5414 in recent dealings.
GBP/USD levels to watch
At time of writing, Cable is trading at 1.5405, recording a 1.16% gain, with immediate resistances lining up at 1.5414 (daily high), 1.5485 (Dec 24 low) and 1.5500 (psychological level). On the flip side, supports are seen at 1.5351/48 (Feb 6 high/50-day SMA) and 1.5300 (psychological level).