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24 Feb 2015
GBP/USD awaits Carney testimony
FXStreet (Mumbai) - The GBP/USD pair is trading flat around 1.5445 levels ahead of the Bank of England (BOE) governor Carney’s testimony centered around the latest inflation report.
Could GBP/USD rise above key Fibo level?
The recent talks from the BOE policy makers has been of negative inflation and not ruling out the possibility of an interest rate cut or QE if required. At the same time, the policymakers have been upbeat on the UK economy. The latest employment data showed a sharp rise in the wages in the UK, despite which retail sales disappointed expectations. Thus, a more dovish tone could push the GBP/USD lower.
However, hawkish comments could push the pair above the 23.6% Fib retracement (of the down trend from 1.7190-1.4949) located at 1.5477 levels.
GBP/USD Technical Levels
The pair has an immediate resistance at 1.5477, above which the pair could rise to 1.55 levels. On the flip side, support is seen at 1.5418 (5-DMA) and 1.5380 levels.
Could GBP/USD rise above key Fibo level?
The recent talks from the BOE policy makers has been of negative inflation and not ruling out the possibility of an interest rate cut or QE if required. At the same time, the policymakers have been upbeat on the UK economy. The latest employment data showed a sharp rise in the wages in the UK, despite which retail sales disappointed expectations. Thus, a more dovish tone could push the GBP/USD lower.
However, hawkish comments could push the pair above the 23.6% Fib retracement (of the down trend from 1.7190-1.4949) located at 1.5477 levels.
GBP/USD Technical Levels
The pair has an immediate resistance at 1.5477, above which the pair could rise to 1.55 levels. On the flip side, support is seen at 1.5418 (5-DMA) and 1.5380 levels.