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Forex: GBP/USD steady around 1.5650 ahead of BoE

By FXstreet.com,  July 18, 2012, 12:29:00 AM EDT

FXstreet.com (San Francisco) - GBP/USD is again operating within a limited range between 1.5647 and 1.5668 ahead of the European opening, last quoted near the bottom of the range at 1.5650 from 1.5663 overnight Tuesday.

If GBP/USD inches farther to the downside, support levels are noted at 1.5610, 1.5550 and 1.5520. To the upside, resistance levels lie at 1.5680, 1.5730 and 1.5770.

"In the 4 hours chart, bearish run was unable to hold above 200 EMA, main short term support now around 1.5610 while indicators head back north in positive territory," comments Valeria Bednarik, Chief Analyst at FXstreet.com. "Early week high at 1.5677 comes as immediate resistance ahead of 1.5730 price zone."

The Minutes of the Bank of England's July 5the meeting will be key risk event for GBP in the session ahead. "Declines in food, clothing and energy prices all weighed on prices and should affirm the MPC's decision to ease at the most recent meeting," explains Eric Théorêt, Currency Strategist at Scotiabank in a research note. Bernanke's second part of his address to Congress will also be the focus of the day in North America.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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