OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD re-takes 1.5500 on BOE’s McCafferty

FXStreet (Mumbai) - A renewed buying interest was seen in the pound, driving the GBP/USD back to 1.55 handle, after the hawkish comments from BOE policymaker McCafferty.

GBP/USD supported at 100-DMA

The GBP/USD pair trades 0.14% higher at 1.5490, having once again tested the crucial 1.55 barrier in last hours. The major re-attempted a bounce to 1.55 handle after the pound was boosted following the comments from the BOE MPC member Ian McCafferty.

The BOE policymaker noted that the credit conditions for the business sector in the UK have eased and this calls for a rate-hike sooner rather than later.

While BOE Governor Carney’s testimony on the Bank of England (BOE) Bill before the Treasury Select Committee turned out to be a non-event, as the central bank chief didn’t touch upon the monetary policy.

Meanwhile, the EUR macro calendar remains data-thin ahead and hence the focus now shifts towards the Fed officials’ speeches for any hint on the timing of the Fed rate lift-off.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5503/06 (daily R1 + Today’s High) above which gains could be extended to 1.5513/17 (Oct 15 High + h1 R2). On the flip side, support is seen at 1.5459/55 (Today’s Low & 50-DMA) below which it could extend losses to 1.5400 (round number).

European stocks tank amid mixed corporate news

The stocks on the European indices opened on a weaker note, tracking the cautious tone from their Asian counterparts, and remain in the red on the back of mixed set of earnings results across the Euro are economies.
Read more Previous

China: Q4 looks encouraging after lacklustre Q3 GDP growth – Deutsche Bank

Research Team at Deutsche Bank, note that despite weak IP and FAI numbers, Q3 GDP growth slowed only moderately (6.9% yoy, consensus 6.8%).
Read more Next
Start livechat