GBP/USD flirts with lows near 1.2450, BOE eyed

Dhwani Mehta FXStreet

The GBP/USD pair fails once again to sustain near 1.2480 region in the Asian session, now breaking lower from an upside consolidative phase amid resurgent greenback demand across the board.

BOE inflation report hearings in focus

The major is seen meandering near session lows struck at the mid-point of 1.24 handle, as the demand for the pound takes a hit amid higher treasury yields, which diminish the attractiveness of the GBP as an alternative higher yielding currency.

Further, renewed broad based US dollar strength, in response to strengthening treasury yields also weigh on the major. While markets remain nervous heading into the main risk event for the spot today, the BOE inflation report hearings. BOE Mark Carney will testify before the Treasury Select Committee later today on Feb inflation report.

GBP/USD Levels to consider

The upside barriers are lined up at 1.2481 (daily high), 1.2500 (round figure) and 1.2570 (Feb 16 high). While supports are aligned at 1.2400/1.2393 (key support/ 50-DMA) and 1.2365 (daily S2) and below that at 1.2344 (Feb 7 low).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bearish	Neutral	Low
1H	Bearish	Neutral	High
4H	Bearish	Neutral	High
1D	Strongly Bearish	Oversold	Low
1W	Bearish	Oversold	Low
Updated Feb 17, 14:30 GMT

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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