Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Forex - GBP/USD holds steady ahead of U.K. inflation hearings

Published 02/24/2015, 04:19 AM
Updated 02/24/2015, 04:19 AM
Pound little changed vs. dollar with U.K. inflation hearings, Yellen testimony in focus

Pound little changed vs. dollar with U.K. inflation hearings, Yellen testimony in focus

Investing.com - The pound held steady against the U.S. dollar on Tuesday, hovering within close distance of a one-and-a-half month high as markets eyed the upcoming U.K. quarterly inflation report hearings, as well as congressional testimony by Federal Reserve Chair Janet Yellen.

GBP/USD hit 1.5474 during European morning trade, the session high; the pair subsequently consolidated at 1.5446.

Cable was likely to find support at 1.5332, the low of February 23 and resistance at 1.5586, the high of January 2.

Investors remained cautious as Fed Chair Janet Yellen was to testify before the Senate Banking Committee in Washington later Tuesday, with market participants watching for any indication on when U.S. interest rates may start to rise.

Last week’s minutes of the Fed’s January meeting were more dovish than expected, showing that some officials thought that raising rates too soon could weigh on the U.S. economic recovery, and that a deterioration in the global economic outlook could also pose a threat.

The pound shrugged off a report by the Confederation of British Industry on Monday showing that its index of U.K. retailers plunged by 38.0 points to a 21-month low of 1.0 in February from 39.0 in January. Analysts had expected the index to fall by 5.0 points to 34.0 this month.

Sterling was almost unchanged against the euro, with EUR/GBP at 0.7329.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.