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FxWirePro: Cable on track to end a three week losing streak

  • 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

  • Market Data
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