26 May 2015
GBP/USD clings to 1.5400
FXStreet (Edinburgh) - The sterling is following its European peer on Tuesday, pushing GBP/USD to lows near 1.5380.
GBP/USD in 3-week lows
The pair is shedding further ground this week and extending the correction lower from May tops just above the 1.5800 handle as a response to an increasing sentiment towards the US dollar.
In fact, recent comments by Chairwoman J.Yellen and Vice President S.Fischer hinted at the likeliness of an imminent rate hike in the US, giving further wings to the greenback.
Data wise in the UK economy, the Distributive Trades Survey by CBI is due next, with consensus gyrating around 17 for the current month.
GBP/USD levels to consider
As of writing the pair is retreating 0.40% at 1.5409 and a break below 1.5366 (61.8% of 1.5088-1.5815) would open the door to 1.5240 (low May 8) and then 1.5161 (100-d MA). On the upside, the initial hurdle lines up at 1.5508 (high May 25) followed by 1.5567 (200-d MA) and finally 1.5700 (high May 21).
GBP/USD in 3-week lows
The pair is shedding further ground this week and extending the correction lower from May tops just above the 1.5800 handle as a response to an increasing sentiment towards the US dollar.
In fact, recent comments by Chairwoman J.Yellen and Vice President S.Fischer hinted at the likeliness of an imminent rate hike in the US, giving further wings to the greenback.
Data wise in the UK economy, the Distributive Trades Survey by CBI is due next, with consensus gyrating around 17 for the current month.
GBP/USD levels to consider
As of writing the pair is retreating 0.40% at 1.5409 and a break below 1.5366 (61.8% of 1.5088-1.5815) would open the door to 1.5240 (low May 8) and then 1.5161 (100-d MA). On the upside, the initial hurdle lines up at 1.5508 (high May 25) followed by 1.5567 (200-d MA) and finally 1.5700 (high May 21).