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GBP/USD: fresh session low ahead of Carney speech

FXStreet (Mumbai) - The GBP/USD pair fell to a fresh session low of 1.5137 ahead of the BOE’s Carney speech as the markets turned a blind eye towards the dismal US data.

Trades around 1.5150

The cable recovered slightly to trade around 1.5150, although bulls stay on the sidelines ahead of the BOE’s carney speech. The spike in the US goods trade deficit reported earlier today did little to help turn the tide in favour of Sterling.

The traders now await the US consumer confidence figure and Carney’s speech for hints at a possible timing of the interest rate hike. Moreover, the traders would be interested to see if Carney maintains the possibility of a rate hike happening at the turn of this year or turns dovish in light of falling Fed rate hike bets.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5193 (daily high)-1.52 levels, followed by a major hurdle at 1.5248 (50% of Apr-June rally). On the other side, support is seen at 1.5135 (Sep 25 low) and 1.51 levels.

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