FxWirePro: Cable on track to end a three week losing streak
Friday, July 17, 2015 6:41 AM UTC
- GBP/USD closed lower on Thursday, was down 0.3 percent at $1.5559, but is on track to end the week higher, snapping the three week losing streak
- Cable closed lower yesterday despite BoE Carney's comment that UK interest rates could rise "at the turn of this year"
- But some strategists reckon that the BoE will not risk tightening policy, and potentially stifling growth, before U.S. rates have started to increase
- Currently the pair is trading at 1.5643, up around 40 pips on the day, with a high of 1.5647 and a low of 1.5602
- Immediate resistance is seen at 1.5638 (38.2% Fib0 of June rally), while support lies at 1.5560 (16 July low)
- With no major UK data due for release, the pair could witness lacklustre trading ahead of the US CPI release