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26 Feb 2015

GBP/USD retreats from 1.5550

FXStreet (Edinburgh) - After climbing as high as 1.550 overnight, GBP/USD is now giving away part of those gains and returned to the 1.5530/25 band.

GBP/USD firm above 1.5500

The sterling is prolonging its upside momentum propped up by a renewed offered tone surrounding the dollar and the positive prospects from the UK economy. Expectations for a rate hike towards year-end or early 2016 keep acting as a strong support for the pound as well, as stated by the recent appreciation by Governor Carney.

Ahead in the session, flash figures for the UK GDP during the fourth quarter are due, with prior surveys pointing to an annual expansion of 2.7% and 0.5% inter-quarter.

GBP/USD key levels

As of writing the pair is down 0.02% at 1.5531 with the next support at 1.5500 (psychological level) ahead of 1.5448 (low Feb.25) and then 1.5403 (low Feb.24). On the other hand, the initial up barrier aligns at 1.5588 (2015 high Jan.2) followed by 1.5621 (high Dec.31) and then 1.5753 (high Dec.17).
Feb 26, 2015

Downside risks to US inflation – ING

James Knightley, Senior Economist at ING, views that headline US inflation is set to turn negative in annual terms today, but news headlines of deflation are well wide of the mark, and further anticipates US CPI to come out below consensus at -0.4% yoy.
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Feb 26, 2015

Gilt yields decline ahead of UK GDP

The short duration as well as the long duration Gilt yields traded lower on Thursday ahead of the Q4 GDP data in the UK, which is expected to show growth remained stable at 2.7%.
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