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6 Aug 2015
GBP/USD slumps to 1.5490 on BoE
FXStreet (Edinburgh) - The pound is now losing ground vs. the greenback, sending GBP/USD to session lows in the 1.5490 area.
GBP/USD weaker on BoE
The pair is now trading in the negative territory after the BoE left its monetary policy unchanged at its meeting today, broadly in line with market expectations. The central bank’s minutes have shown a 9-1 voting pattern favouring a steady stance in rates at 0.5%, with MPC member McCafferty voting for a rate hike.
The BoE now sees the first rate hike at some point during the first half of 2016: 1.0% by end 2016 and 1.5% at year-end 2017. Regarding the inflation figures, the ‘Old Lady’ sees consumer prices rising towards the 2% target within the next two years.
GBP/USD levels to watch
At the moment the pair is losing 0.66% at 1.5498 and a breakdown of 1.5492 (low Aug.6) would open the door to 1.5490 (low Jul.27) and then 1.5467 (low Jul.244). On the upside, the initial hurdle lines up at 1.5639 (high Aug.6) ahead of 1.5690 (high Jul.29) and finally 1.5734 (high Jul.1).
GBP/USD weaker on BoE
The pair is now trading in the negative territory after the BoE left its monetary policy unchanged at its meeting today, broadly in line with market expectations. The central bank’s minutes have shown a 9-1 voting pattern favouring a steady stance in rates at 0.5%, with MPC member McCafferty voting for a rate hike.
The BoE now sees the first rate hike at some point during the first half of 2016: 1.0% by end 2016 and 1.5% at year-end 2017. Regarding the inflation figures, the ‘Old Lady’ sees consumer prices rising towards the 2% target within the next two years.
GBP/USD levels to watch
At the moment the pair is losing 0.66% at 1.5498 and a breakdown of 1.5492 (low Aug.6) would open the door to 1.5490 (low Jul.27) and then 1.5467 (low Jul.244). On the upside, the initial hurdle lines up at 1.5639 (high Aug.6) ahead of 1.5690 (high Jul.29) and finally 1.5734 (high Jul.1).