21 Jul 2015
GBP/USD: sidelined around 1.5570 ahead of BOE minutes
FXStreet (Mumbai) - The GBP/USD pair is trading in the sideways manner around 1.5570 ahead of the release of the Bank of England latest policy minutes.
Will minutes revive the rally in Sterling?
The cable has taken a pause after having jumped in the previous week on the back of Mark Carney's hawkish comments. For the first time, Carney expressly stated that rates could rise at the turn of this year. So there is a compelling reason for the markets to speculate that the minutes due today could be hawkish and thereby add to the Sterling rally.
Ahead in the US session, we have second tier data releases on the cards – Existing home sales, market services PMI.
GBP/USD Technical Levels
The immediate support is seen at 1.5545 (hourly 200-MA), followed by another support at 1.55 handle. On the higher side, 1.5590-1.5607 could act as strong resistance zone, followed by another resistance at 1.5638 (38.2% Fib of June rally).
Will minutes revive the rally in Sterling?
The cable has taken a pause after having jumped in the previous week on the back of Mark Carney's hawkish comments. For the first time, Carney expressly stated that rates could rise at the turn of this year. So there is a compelling reason for the markets to speculate that the minutes due today could be hawkish and thereby add to the Sterling rally.
Ahead in the US session, we have second tier data releases on the cards – Existing home sales, market services PMI.
GBP/USD Technical Levels
The immediate support is seen at 1.5545 (hourly 200-MA), followed by another support at 1.55 handle. On the higher side, 1.5590-1.5607 could act as strong resistance zone, followed by another resistance at 1.5638 (38.2% Fib of June rally).