17 Jun 2015
GBP/USD through 1.5700 on hawkish BoE
FXStreet (Edinburgh) - The sterling is now gathering further traction vs. the US dollar, lifting GBP/USD to fresh multi-week tops beyond 1.5700 the figure.
GBP/USD stronger post-UK data
The pair accelerated its upside after Average Earnings raised more than previously estimated during May, 2.7% including and excluding Bonus. Further data saw Claimant Count Change dropping by 6.5K, less than initially forecasted, and the jobless rate unchanged at 5.5%.
In addition, the BoE minutes showed once again a unanimous voting pattern in favour of keeping both the refi rate and the asset purchase facility unchanged at 0.5% and £375 billion, respectively. However, MPC members now expect UK consumer prices to notably pick up pace by year end, while they see headwinds to economic growth deflating. Furthermore, the BoE argued that interest rate hikes will be gradual.
GBP/USD levels to watch
The pair is now advancing 0.50% at 1.5727 with the next hurdle at 1.5742 (high May 140 ahead of 1.5769 (high May 13) and finally 1.5815 (high May 15). On the other hand, a breach of 1.5542 (low Jun.16) would aim for 1.5488 (200-d MA) and then 1.5468 (low Jun.12).
GBP/USD stronger post-UK data
The pair accelerated its upside after Average Earnings raised more than previously estimated during May, 2.7% including and excluding Bonus. Further data saw Claimant Count Change dropping by 6.5K, less than initially forecasted, and the jobless rate unchanged at 5.5%.
In addition, the BoE minutes showed once again a unanimous voting pattern in favour of keeping both the refi rate and the asset purchase facility unchanged at 0.5% and £375 billion, respectively. However, MPC members now expect UK consumer prices to notably pick up pace by year end, while they see headwinds to economic growth deflating. Furthermore, the BoE argued that interest rate hikes will be gradual.
GBP/USD levels to watch
The pair is now advancing 0.50% at 1.5727 with the next hurdle at 1.5742 (high May 140 ahead of 1.5769 (high May 13) and finally 1.5815 (high May 15). On the other hand, a breach of 1.5542 (low Jun.16) would aim for 1.5488 (200-d MA) and then 1.5468 (low Jun.12).