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10 Dec 2014
GBP/USD recovers on Carney’s comments
FXStreet (Mumbai) - Cable traded slightly higher against the US dollar after Carney’s comment, recovering from a fresh intraday low hit during mid European trading.
Currently, the GBP/USD pair trades marginally higher at 1.5678 levels, after having hit a fresh day’s low of 1.5648. The pair found support in BOE Carney’s comments as he stated that the Bank of England will increase its base interest rate despite the current low level of inflation, while there is no precise timing for the first hike.
He also added that the path of interest rate adjustments is expected to be a gradual set of interest rate increases and to a more limited extent than the past.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5719 (Dec 9 High) levels, above which gains could be extended to 1.5744 (Dec 2 High) levels. On the flip side, support is seen at 1.5645 (100-day SMA), below which it could extend losses to 1.5624 (Dec 9 Low) levels.
Currently, the GBP/USD pair trades marginally higher at 1.5678 levels, after having hit a fresh day’s low of 1.5648. The pair found support in BOE Carney’s comments as he stated that the Bank of England will increase its base interest rate despite the current low level of inflation, while there is no precise timing for the first hike.
He also added that the path of interest rate adjustments is expected to be a gradual set of interest rate increases and to a more limited extent than the past.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5719 (Dec 9 High) levels, above which gains could be extended to 1.5744 (Dec 2 High) levels. On the flip side, support is seen at 1.5645 (100-day SMA), below which it could extend losses to 1.5624 (Dec 9 Low) levels.