2 Feb 2015
GBP/USD supported at 1.5000
FXStreet (Edinburgh) - The demand for the sterling remains on the back footing at the beginning of the week, with GBP/USD now retaking 1.5030 after testing lows near 1.5000 the figure.
GBP/USD weaker despite PMI
The pair can’t generate traction despite the manufacturing PMI in the UK economy surpassed consensus and previous print during January and the generalized context favouring the risk appetite, keeping the trade in the low-1.5000s so far. Ahead in the week, the more significant Services PMI and the BoE monetary policy meeting will be the main highlights ahead of the US Payrolls due on Friday.
Market participants remain vigilant on the probable next steps and the start of the hiking cycle by the BoE, now estimated either in late 2015 or Q1 2016. However, appreciations by BoE’s K.Forbes last week left the door open for a rate hike sooner than expected.
GBP/USD key levels
The pair is now losing 0.26% at 1.5021 and a breach of 1.5000 (psychological level) would open the door to 1.4972 (low Jan.26) and then 1.4952 (low Jan.23). On the upside, the immediate hurdle aligns at 1.5100 (psychological level) ahead of 1.5127 (21-d MA) and then 1.5161 (high Jan.29).
GBP/USD weaker despite PMI
The pair can’t generate traction despite the manufacturing PMI in the UK economy surpassed consensus and previous print during January and the generalized context favouring the risk appetite, keeping the trade in the low-1.5000s so far. Ahead in the week, the more significant Services PMI and the BoE monetary policy meeting will be the main highlights ahead of the US Payrolls due on Friday.
Market participants remain vigilant on the probable next steps and the start of the hiking cycle by the BoE, now estimated either in late 2015 or Q1 2016. However, appreciations by BoE’s K.Forbes last week left the door open for a rate hike sooner than expected.
GBP/USD key levels
The pair is now losing 0.26% at 1.5021 and a breach of 1.5000 (psychological level) would open the door to 1.4972 (low Jan.26) and then 1.4952 (low Jan.23). On the upside, the immediate hurdle aligns at 1.5100 (psychological level) ahead of 1.5127 (21-d MA) and then 1.5161 (high Jan.29).