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4 Jun 2015
GBP/USD testing lows near 1.5320
FXStreet (Mumbai) - GBP/USD trades in a flat lining above 1.53 handle in the early European morning, although keeps minor losses as the USD bulls jumped back into bulls ahead of Europe open, riding higher on upbeat US jobs and trade data released on Wednesday.
GBP/USD hovers near lows
The GBP/USD pair trades -0.12% lower at 1.5322, testing session lows at 1.5316 levels. The cable remains pressured following the release of the recent set of UK data including construction and services PMI which may further ease rate hike expectations this year.
Moreover, strengthening US dollar across the board backed by impressive US fundamentals also weighs on the major. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades 0.13% higher at 95.47.
Meanwhile, markets now await BOE monetary policy decision due later today. BOE policymakers are expected to leave the monetary policy unchanged today at its rate decision, as inflation remains significantly weak and is expected to remain close to zero before rising again toward the end of this year.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5343 (April 28 High) above which gains could be extended to 1.5380 (June 3 High) levels. On the flip side, support is seen at 1.5300 below which it could extend losses to 1.5249 (June 3 Low) levels.
GBP/USD hovers near lows
The GBP/USD pair trades -0.12% lower at 1.5322, testing session lows at 1.5316 levels. The cable remains pressured following the release of the recent set of UK data including construction and services PMI which may further ease rate hike expectations this year.
Moreover, strengthening US dollar across the board backed by impressive US fundamentals also weighs on the major. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades 0.13% higher at 95.47.
Meanwhile, markets now await BOE monetary policy decision due later today. BOE policymakers are expected to leave the monetary policy unchanged today at its rate decision, as inflation remains significantly weak and is expected to remain close to zero before rising again toward the end of this year.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5343 (April 28 High) above which gains could be extended to 1.5380 (June 3 High) levels. On the flip side, support is seen at 1.5300 below which it could extend losses to 1.5249 (June 3 Low) levels.