5 Mar 2015
GBP/USD hits fresh monthly lows ahead of BOE
FXStreet (Mumbai) - GBP/USD prolongs its downtrend and falls to fresh one month lows ahead of Europe open, as a broadly stronger US dollar on robust US services data continued to hurt the cable.
GBP/USD testing 1.52 handle
The GBP/USD pair fell -0.24% at fresh monthly lows of 1.5225 levels, retreating from day’s high previously posted at 1.5266. The cable continues its downslide largely on the back of a strengthening US dollar across the board, hovering close to fresh twelve year highs. Moreover, the recent series of upbeat US macro releases continue to boost the greenback, dragging GBP/USD lower.
Meanwhile, traders remain cautious ahead of BOE policy meeting due later in the day for further moves on the pair. BOE announcement will likely show no change to policy stance in March.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5266 (Today’s High) above which gains could be extended to 1.5300 levels. On the flip side, support is seen at 1.5200 below which it could extend losses to 1.5161 (Feb 5 Low) levels.
GBP/USD testing 1.52 handle
The GBP/USD pair fell -0.24% at fresh monthly lows of 1.5225 levels, retreating from day’s high previously posted at 1.5266. The cable continues its downslide largely on the back of a strengthening US dollar across the board, hovering close to fresh twelve year highs. Moreover, the recent series of upbeat US macro releases continue to boost the greenback, dragging GBP/USD lower.
Meanwhile, traders remain cautious ahead of BOE policy meeting due later in the day for further moves on the pair. BOE announcement will likely show no change to policy stance in March.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5266 (Today’s High) above which gains could be extended to 1.5300 levels. On the flip side, support is seen at 1.5200 below which it could extend losses to 1.5161 (Feb 5 Low) levels.