FXStreet (Edinburgh) – The pound is now picking up pace once again vs. the dollar, lifting GBP/USD to the 1.5430 region.
GBP/USD solid post-BoE
Spot keeps the buoyancy after the steady stance of the BoE at today’s meeting, in spite of the central bank showing no rush in hiking rates. Amongst the salient points of the BoE minutes were a repetition of the last 8-1 voting pattern favouring unchanged rates – with MPC member Ian McCafferty once again calling for a 25bp hike – and concerns about developments overseas, in particular China.
The pair is posting the first weekly advance since the recent rejection of the 1.5800 mark posted in late August, strongly bouncing off the mid-1.5100s.
GBP/USD levels to watch
As of writing the pair is advancing 0.42% at 1.5436 with the next resistance at 1.5505 (high Aug.27) ahead of 1.5717 (high Aug.26) and then 1.5818 (high Aug.25). On the other hand, a break below 1.5270 (low Sep.8) would open the door to 1.5150 (low May 6) and finally 1.5089 (low May 5).
(Market News Provided by FXstreet)