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18 Mar 2015
GBP/USD hovers around 1.4760, BOE minutes eyed
FXStreet (Mumbai) - GBP/USD continues to trade in a flatline, heading into European opening bells, as traders remain cautious ahead of BOE March meeting minutes release and the most-await FOMC statement later in the day.
GBP/USD retests 1.4763 levels
The GBP/USD pair trades flat at 1.4756, retreating from fresh session highs at 1.4771. The cable trades muted below 1.48 barrier, as traders remain on the sidelines as traders before the FOMC meeting and the UK labor data along with MPC minutes, due later in the session.
In the UK, the Bank of England (BOE) will publish the minutes of March's MPC meeting, which saw the key interest rate remain at a record low 0.5%. The UK jobless rate is expected to decline again to 5.6% in the first month of the year, from 5.7% reported in December.
Moreover, UK Chancellor of the Exchequer George Osborne is scheduled to introduce his final budget before the May 7 general election in a speech to parliament later today.
Finally, FOMC statement on the conclusion of Fed’s two-day policy meet is like to set the fresh direction for the US dollar, which may have major impacts on GBP/USD.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4800 above which gains could be extended to 1.4845 (March 17 High) levels. On the flip side, support is seen at 1.4749 (Today’s Low) levels below which it could extend losses to 1.4721(March 17 Low) levels.
GBP/USD retests 1.4763 levels
The GBP/USD pair trades flat at 1.4756, retreating from fresh session highs at 1.4771. The cable trades muted below 1.48 barrier, as traders remain on the sidelines as traders before the FOMC meeting and the UK labor data along with MPC minutes, due later in the session.
In the UK, the Bank of England (BOE) will publish the minutes of March's MPC meeting, which saw the key interest rate remain at a record low 0.5%. The UK jobless rate is expected to decline again to 5.6% in the first month of the year, from 5.7% reported in December.
Moreover, UK Chancellor of the Exchequer George Osborne is scheduled to introduce his final budget before the May 7 general election in a speech to parliament later today.
Finally, FOMC statement on the conclusion of Fed’s two-day policy meet is like to set the fresh direction for the US dollar, which may have major impacts on GBP/USD.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4800 above which gains could be extended to 1.4845 (March 17 High) levels. On the flip side, support is seen at 1.4749 (Today’s Low) levels below which it could extend losses to 1.4721(March 17 Low) levels.