The GBP/USD dipped 31 points to trade at 1.5156 after the US dollar rallied ahead of the holiday weekend. Speculation that the Fed will lift interest rates for the first time in nearly a decade this year has intensified since the release of strong US jobs data earlier this month. Comments from Fed officials have boosted that view. The latest Fed speak has been pretty much uniform – expect a Fed rate hike in December. Recent comments from Vice Chair Stanley Fischer, Atlanta Fed President Dennis Lockhart, and San Francisco Fed President John Williams have said that there is a strong case for the Fed to hike interest rates.Sterling edged down against both the dollar and euro on Monday, with investors eyeing testimony from the heads of the British finance ministry and Bank of England (BoE) later in the week for direction.The pair has failed to break above the area of 1.5160 on a sustainable basis in early trade, sparking the current decline to lows near 1.5120 ahead of the UK’s Inflation Report Hearings and the US GDP during the third quarter.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5140 TARGET 1.5120 1.5090 SL 1.5170
SELL GBP/USD BELOW 1.5100 TARGET 1.5080 1.5050 SL 1.5130
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