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18 Sep 2013
GBP/USD well supported at 1.5890
FXstreet.com (Edinburgh) -The sterling is now inching higher on Wednesday, pushing the GBP/USD around 1.5915/20 ahead of the BoE minutes due later.
GBP/USD focus on minutes
The BoE will publish its minutes during the European morning, with market expectations aligning for another 9-0 vote favouring unchanged refi rate and purchases of Gilts, at 0.5% and £375 billion, respectively. In light of the event, Senior Strategist Paul Robson at RBS commented, “There is little expectation that the minutes from the September MPC meeting will provide any great revelations. However, they will provide a measure to the degree to which there is a rising hawkish dissent over the implicit signal that the Bank Rate is on hold until late 2016”.
GBP/USD relevant levels
As of writing the pair is up 0.08% at 1.5916 with the net resistance at 1.5936 (high Sep.17) followed by 1.5963 (high Sep.16) and then 1.6008 (high Jan.18). On the downside, a breach of 1.5886 (low Sep.17) would expose 1.5869 (low Sep.16) and finally 1.5776 (low Sep.12/13).
GBP/USD focus on minutes
The BoE will publish its minutes during the European morning, with market expectations aligning for another 9-0 vote favouring unchanged refi rate and purchases of Gilts, at 0.5% and £375 billion, respectively. In light of the event, Senior Strategist Paul Robson at RBS commented, “There is little expectation that the minutes from the September MPC meeting will provide any great revelations. However, they will provide a measure to the degree to which there is a rising hawkish dissent over the implicit signal that the Bank Rate is on hold until late 2016”.
GBP/USD relevant levels
As of writing the pair is up 0.08% at 1.5916 with the net resistance at 1.5936 (high Sep.17) followed by 1.5963 (high Sep.16) and then 1.6008 (high Jan.18). On the downside, a breach of 1.5886 (low Sep.17) would expose 1.5869 (low Sep.16) and finally 1.5776 (low Sep.12/13).