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20 May 2015
GBP/USD: Gains capped around 1.5530
FXStreet (Mumbai) - The GBP/USD pair recovered to trade above 1.55 levels after BOE minutes, however, the pair ran into offers close to 1.5530 thereby pushing the pair back to 1.5510 levels.
GBP/USD: Hovers near key Fib level
The pair is currently hovering around 1.5517, which is the 23.6% retracement level of 1.4564-1.5813. A break above the same was not sustained as fresh offers close to 1.5530 pushed the pair back to 1.5510-1.5517 band.
The investors now await the Fed minutes due later today. Speculation is on the rise that minutes are likely to hint at a possible delay in the rate hike in the wake of a weaker-than-expected economic reports in the US.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5527, above which gains could be extended to 1.5569. On the flip side, a break below 1.5419 (200-DMA) could drive the pair lower to 1.5334.
GBP/USD: Hovers near key Fib level
The pair is currently hovering around 1.5517, which is the 23.6% retracement level of 1.4564-1.5813. A break above the same was not sustained as fresh offers close to 1.5530 pushed the pair back to 1.5510-1.5517 band.
The investors now await the Fed minutes due later today. Speculation is on the rise that minutes are likely to hint at a possible delay in the rate hike in the wake of a weaker-than-expected economic reports in the US.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5527, above which gains could be extended to 1.5569. On the flip side, a break below 1.5419 (200-DMA) could drive the pair lower to 1.5334.