FXStreet (Edinburgh) – The pound remains on a firmer footing on Monday, sending GBP/USD to test the boundaries 1.5280, or session tops.
GBP/USD trims losses
After two consecutive weeks of losses, spot at least have started this week on a positive note, reverting the dip towards the mid-1.5100s and recovering the 1.5200 handle and beyond.
It will be quite an interesting week for the sterling, as key data is due for release as well as the BoE MPC meeting and minutes. Market participants continue to see the BoE hiking rates in the medium term, although expectations have been somewhat pushed back as of late. Anyway, the likeliness of the ‘Old Lady’ hiking before the Fed remains highly unlikely.
GBP/USD levels to watch
As of writing the pair is up 0.63% at 1.5267 and a breakout of 1.5280 (high Sep.7) would target 1.5297 (high Sep.3) and finally 1.5326 (high Sep.2). On the other hand, the immediate support lines up at 1.5171 (low Sep.7) followed by1.5150 (low May 6) and then 1.5089 (low May 5).
(Market News Provided by FXstreet)