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20 May 2015
GBP/USD drops below 1.54
FXStreet (Mumbai) - The demand for the US dollar spiked ahead of the European session, taking the GBP/USD pair lower to 1.5480 levels ahead of the Bank of England April meeting minutes release.
GBP weakens ahead of BOE minutes
The Pound is being sold ahead of the BOE minutes, that are unlikely to provide any major surprises. It is widely expected the minutes would show a unanimous vote to maintain interest rates at record lows. Moreover, experts believe the minutes are more or less likely to be in line with the BOE’s quarterly inflation report released last week.
Once we are through with the BOE minutes, the focus would shift to the Fed April meeting minutes, which too are not expected to provide any major hawkish/dovish surprises.
GBP/USD Technical Levels
The immediate resistance is seen at 1.55, above which gains could be extended to 1.5569. On the flip side, a break below 1.5419 (200-DMA) could drive the pair lower to 1.5534.
GBP weakens ahead of BOE minutes
The Pound is being sold ahead of the BOE minutes, that are unlikely to provide any major surprises. It is widely expected the minutes would show a unanimous vote to maintain interest rates at record lows. Moreover, experts believe the minutes are more or less likely to be in line with the BOE’s quarterly inflation report released last week.
Once we are through with the BOE minutes, the focus would shift to the Fed April meeting minutes, which too are not expected to provide any major hawkish/dovish surprises.
GBP/USD Technical Levels
The immediate resistance is seen at 1.55, above which gains could be extended to 1.5569. On the flip side, a break below 1.5419 (200-DMA) could drive the pair lower to 1.5534.