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10 Nov 2014

GBP/USD down to test key 1.5850; the dance of the rates

FXStreet (San Francisco) - The British Pound was unable to maintain levels above 1.5900 against the US dollar and after testing daily highs at 1.5915, GBP / USD found selling interest that launched the pair all the way down to 1.5850.

Currently, GBP/USD is trading at 1.5851, down -0.14% on the day, having posted a daily high at 1.5919 and low at 1.5852. GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.

GBP/USD sentiment

As Ross J Burland commented in a recent report, the GBP/USD was offered through the 1.5900 level and has closed the bullish gap. With "the unemployment numbers in the US to the lowest since 2008, markets are confident of [Fed] rate hikes to come in 2015;" on the other hand, the GBP "trades in the shadows of a disinflationary environment in the UK," that postpone "the first BoE hike pushed even further into the future."

In this framework, if the GBP/USD successfully breaks below the 0.5850, it will find next supports at 1.5810, 1.5800 and 1.5790. To the upside, resistances are at 1.5915, 1.5950 and 1.6000.
Nov 10, 2014

Sterling is one to watch this week - Scotiabank

Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted the conditions surrounding GBP/USD.
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Nov 10, 2014

EUR/JPY consolidates below 143.00

The euro is falling marginally against the yen on Monday and during the European session managed to trimmed losses.
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