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10 Sep 2015
GBP/USD hovers around 200-DMA
FXStreet (Mumbai) - The GBP/USD pair weakened in the Asian session to trade closer to its 200-DMA located at 1.5352 ahead of the BOE event scheduled later today.
BOE event eyed
The Bank of England (BOE) is widely expected to keep the key policy tools unchanged, while the minutes are expected to show 8-1 split on interest rates. The markets will be interested to see if the BOE shows concern regarding the Sterling exchange rate and the recent slowdown in the activity.
Meanwhile, action in the major European stock markets could affect the GBP/USD ahead of the BOE event. The US weekly jobless claims could also trigger minor moves.
GBP/USD Technical Levels
The immediate support is seen at 1.5350 (20-DMA), under which the spot could drop to 1.53 levels. On the other side, resistance is seen at 1.5371 (hourly 50-MA) and 1.54 levels.
BOE event eyed
The Bank of England (BOE) is widely expected to keep the key policy tools unchanged, while the minutes are expected to show 8-1 split on interest rates. The markets will be interested to see if the BOE shows concern regarding the Sterling exchange rate and the recent slowdown in the activity.
Meanwhile, action in the major European stock markets could affect the GBP/USD ahead of the BOE event. The US weekly jobless claims could also trigger minor moves.
GBP/USD Technical Levels
The immediate support is seen at 1.5350 (20-DMA), under which the spot could drop to 1.53 levels. On the other side, resistance is seen at 1.5371 (hourly 50-MA) and 1.54 levels.