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GBP/USD: All ears to BOE and Fed policymakers

FXStreet (Mumbai) - The GBP/USD pair consolidated in Asia around 1.55 levels as investors await comments from the Bank of England’s Nemat Shafik and Fed’s Lockhart.

Rejected at 1.5529

A minor relief rally earlier today ran into offers at 1.5529, following the pair fell back to trade around 1.55 levels. Bank of England Deputy Governor Nemat Shafik is due to speak today. Markets will focus on the same for clues regarding the timing of the interest rate hike. BOE MPC member Jon Cunliffe struck a dovish tone yesterday as he said he doesn’t see signs of building price pressures and warned that the external environment has weakened.

Meanwhile, Fed’s Lockhart is also due to speak later today. The UK public sector net borrowing data is also on the cards, although the figure may not receive much attention ahead of BOE and Fed policy makers’ speech.

GBP/USD Technical Levels

At 1.5508, the immediate resistance is located at 1.5530 (100-DMA), above which gains could be extended to 1.56 levels. On the other side, support is located at 1.55 and 1.5460 (10-DMA).

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