11 Feb 2015
GBP/USD awaits BOE inflation report
FXStreet (Mumbai) - The GBP/USD pair advanced today amid lack of fresh cues to trade at 1.5275 levels as markets await the Bank of England’s (BOE) Quarterly Inflation Report (QIR) due for release tomorrow.
Stuck between 5-DMA and 50-DMA
The pair rose from 5-DMA located at 1.5241 levels, while the gains were capped near the 50-DMA located at 1.5284. The pair may remain stuck in the range amid the absence of fresh fundamental triggers today. Moreover, the investors are likely to wait for the BOE’s QIR due for release tomorrow before making big bets on the GBP/USD pair.
In the meantime, the pair may take cues from the outcome of the Eurogroup meeting. A no concrete deal between Greece and its international creditors could lead to risk aversion and hurt GBP/USD pair.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5284 (50-DMA), above which gains could be extended to 1.5350 (Feb. 6 high). Meanwhile, support is seen at 1.5241 (5-DMA) and 1.5195 (10-DMA) levels.
Stuck between 5-DMA and 50-DMA
The pair rose from 5-DMA located at 1.5241 levels, while the gains were capped near the 50-DMA located at 1.5284. The pair may remain stuck in the range amid the absence of fresh fundamental triggers today. Moreover, the investors are likely to wait for the BOE’s QIR due for release tomorrow before making big bets on the GBP/USD pair.
In the meantime, the pair may take cues from the outcome of the Eurogroup meeting. A no concrete deal between Greece and its international creditors could lead to risk aversion and hurt GBP/USD pair.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5284 (50-DMA), above which gains could be extended to 1.5350 (Feb. 6 high). Meanwhile, support is seen at 1.5241 (5-DMA) and 1.5195 (10-DMA) levels.