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7 Jan 2015
GBP/USD drifts lower, eyes Fed minutes
FXStreet (Mumbai) - Cable slipped in the European morning, as markets switched their attention towards Federal Reserve’s (Fed) minutes to be released later in the day.
The GBP/USD pair traded at 1.5128 levels, down -0.15%, drifting towards fresh 18-month low of 1.5108 hit in the previous session. The pound remains pressured against the US dollar as market participants will closely watch Fed’s minutes for any hints on the timing of the interest rate hike which may support the US dollar.
Moreover, a strong reading on the ADP jobs report on Wednesday may set the stage for another strong employment report (NFP) on Friday, which may further bolster the US dollar.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5148 (Today’s High) above which gains could be extended to 1.5230 (5-DMA) levels. On the flip side, support is seen at 1.5108, below which it could extend losses to 1.50 levels.
The GBP/USD pair traded at 1.5128 levels, down -0.15%, drifting towards fresh 18-month low of 1.5108 hit in the previous session. The pound remains pressured against the US dollar as market participants will closely watch Fed’s minutes for any hints on the timing of the interest rate hike which may support the US dollar.
Moreover, a strong reading on the ADP jobs report on Wednesday may set the stage for another strong employment report (NFP) on Friday, which may further bolster the US dollar.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5148 (Today’s High) above which gains could be extended to 1.5230 (5-DMA) levels. On the flip side, support is seen at 1.5108, below which it could extend losses to 1.50 levels.