15 Jul 2015
GBP/USD drops to fresh lows near 1.5580
FXStreet (Edinburgh) - The bid tone around the US dollar is now growing bigger, dragging GBP/USD to test fresh lows in the 1.5585/80 band so far.
GBP/USD lower on Yellen
A hawkish tone by Chair J.Yellen at her Semi-Annual Testimony in Capitol Hill continues to hurt the risk-associated space, prompting spot to surrender early gains towards the 1.5680 area. Yellen has once again reiterated that a rate hike is likely to happen ‘at some point this year’ and that the increase in the Fed funds will be gradual and assessed in a ‘meeting-by-meeting’ basis.
In the meantime, the Greek vote will be the other significant driver for global sentiment, although the results are expected after the close in Wall Street.
GBP/USD levels to consider
As of writing the pair is down 0.33% at 1.5584 and a break below 1.5451 (low Jul.14) would open the door to 1.5364 (low Jul.10) and then 1.5330 (low Jul.8). On the flip side, the next hurdle lines up at 1.5675 (high Jul.15) ahead of 1.5700 (psychological level) and finally 1.5734 (high Jul.1).
GBP/USD lower on Yellen
A hawkish tone by Chair J.Yellen at her Semi-Annual Testimony in Capitol Hill continues to hurt the risk-associated space, prompting spot to surrender early gains towards the 1.5680 area. Yellen has once again reiterated that a rate hike is likely to happen ‘at some point this year’ and that the increase in the Fed funds will be gradual and assessed in a ‘meeting-by-meeting’ basis.
In the meantime, the Greek vote will be the other significant driver for global sentiment, although the results are expected after the close in Wall Street.
GBP/USD levels to consider
As of writing the pair is down 0.33% at 1.5584 and a break below 1.5451 (low Jul.14) would open the door to 1.5364 (low Jul.10) and then 1.5330 (low Jul.8). On the flip side, the next hurdle lines up at 1.5675 (high Jul.15) ahead of 1.5700 (psychological level) and finally 1.5734 (high Jul.1).