Back
19 May 2015
GBP/USD drops closer to 1.55
FXStreet (Mumbai) - The GBP/USD extended losses to hit a session low of 1.5505 since the negative inflation print supports the case for a delay in the interest rate hike in the UK.
GBP/USD: Will it Drop below 1.55?
Whether or not the pair would breach and extend losses below 1.55 levels depends partly on the US housing data due for release later today. The sharp losses in the pair seen during the European session were mainly on account of a negative UK inflation print. A better-than-expected US housing starts and/or building permits data would trigger fresh bids for the US dollar.
On the other hand, a weak housing data in the US could provide a reason for a minor recovery in the pair, which may result in the pair managing to hold above 1.55 levels.
GBP/USD Technical Levels
A break below 1.55 could see the pair dip to 1.5540 levels. On the flip side, a break above 1.5550 could see the pair re-test 1.5616 levels.
GBP/USD: Will it Drop below 1.55?
Whether or not the pair would breach and extend losses below 1.55 levels depends partly on the US housing data due for release later today. The sharp losses in the pair seen during the European session were mainly on account of a negative UK inflation print. A better-than-expected US housing starts and/or building permits data would trigger fresh bids for the US dollar.
On the other hand, a weak housing data in the US could provide a reason for a minor recovery in the pair, which may result in the pair managing to hold above 1.55 levels.
GBP/USD Technical Levels
A break below 1.55 could see the pair dip to 1.5540 levels. On the flip side, a break above 1.5550 could see the pair re-test 1.5616 levels.