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GBP/USD ignores Osborne’s hawkish comments

FXStreet (Mumbai) - The weak tone on the GBP/USD remained intact, pushing it to a session low of 1.5462 even though UK finance minister Osborne talked up BOE rate hike expectations.

Trades below hourly 200-MA, UK borrowing rises

The pair is trading around the support of the hourly 100-MA located at 1.5469 levels as the rise in the government borrowing overshadowed the comments from Osborne; who said the exit from loose monetary policy is coming.

The UK public sector net borrowing in August ticked higher to GBP 11.3 billion, compared to the estimate of GBP 8.8 billion. Heading into the US session, the spot could continue to track the broader market sentiment. Fed’s Lockhart speech later today could also influence the pair.

GBP/USD Technical Levels

The immediate support is seen at 1.5460 (61.8% of June rally), under which the spot could drop to 1.54 levels. On the higher side, a break above the hourly 100-MA at 1.5526 could open doors for a re-test of 1.5568 (previous day’s high).

United Kingdom Public Sector Net Borrowing above expectations (£8.65B) in August: Actual (£11.31B)

United Kingdom Public Sector Net Borrowing above expectations (£8.65B) in August: Actual (£11.31B)
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