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13 Mar 2015
GBP/USD slips to fresh 20-month lows below 1.4850
FXStreet (Mumbai) - GBP/USD extended losses and dropped to fresh twenty month lows in the early European morning mainly driven an extended recovery seen in the US dollar across the board.
GBP/USD drops from 1.4892
The GBP/USD pair trades lower by -0.18% at 1.4855, hovering close to fresh twenty month lows at 1.4845 levels. The cable fell further into losses as the US dollar dominance remerged after a brief reversal seen yesterday on weaker than expected US retail volumes data.
The pair came under further pressure and slipped below 1.49 handle following a speech from BoE head Carney. Carney said in his speech that the pound's impact on CPI is being closely watched and added that a strong sterling could stall the BoE's rate hike in the coming years.
Meanwhile, in absence of any significant GBP data, traders will now turn their attention towards US economic releases later in the day for further momentum on the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4892 above which gains could be extended to 1.4920 levels. On the flip side, support is seen at 1.4800 (Jul 2013) levels below which it could extend losses to 1.4780 levels.
GBP/USD drops from 1.4892
The GBP/USD pair trades lower by -0.18% at 1.4855, hovering close to fresh twenty month lows at 1.4845 levels. The cable fell further into losses as the US dollar dominance remerged after a brief reversal seen yesterday on weaker than expected US retail volumes data.
The pair came under further pressure and slipped below 1.49 handle following a speech from BoE head Carney. Carney said in his speech that the pound's impact on CPI is being closely watched and added that a strong sterling could stall the BoE's rate hike in the coming years.
Meanwhile, in absence of any significant GBP data, traders will now turn their attention towards US economic releases later in the day for further momentum on the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4892 above which gains could be extended to 1.4920 levels. On the flip side, support is seen at 1.4800 (Jul 2013) levels below which it could extend losses to 1.4780 levels.