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23 Apr 2015
GBP/USD bounces-off lows near 1.4980
FXStreet (Mumbai) - GBP/USD accelerated losses below 1.50 barrier and dropped to fresh session lows at 1.4967 in the European morning, only to quickly recover partially as a profit booking spree dented the cable after yesterday’s rally. While markets await UK retail sales figures.
GBP/USD rises from 1.4967
The GBP/USD pair trades -0.35% at 1.4983, sharply retreating from 1.4967 lows. The GBP/USD pair erased partial losses as the US dollar eased off highs versus its major competitors after a renewed bout of USD buying.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies retreats from fresh highs at 98.64 and now trades at 98.50, up 0.27% on the day.
Meanwhile, markets will now eagerly await UK retail sales data for further cues on the major. UK retail sales data are expected to ease from 5.7% to 5.4% on a yearly basis, while core retail sales should tick higher to 5.5% from 5.1%.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5040 (Today’s High) above which gains could be extended to 1.5080 (April 22 High) levels. On the flip side, support is seen at 1.4914 (April 22 Low) below which it could extend losses to 1.4886 (April 20 Low) levels.
GBP/USD rises from 1.4967
The GBP/USD pair trades -0.35% at 1.4983, sharply retreating from 1.4967 lows. The GBP/USD pair erased partial losses as the US dollar eased off highs versus its major competitors after a renewed bout of USD buying.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies retreats from fresh highs at 98.64 and now trades at 98.50, up 0.27% on the day.
Meanwhile, markets will now eagerly await UK retail sales data for further cues on the major. UK retail sales data are expected to ease from 5.7% to 5.4% on a yearly basis, while core retail sales should tick higher to 5.5% from 5.1%.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5040 (Today’s High) above which gains could be extended to 1.5080 (April 22 High) levels. On the flip side, support is seen at 1.4914 (April 22 Low) below which it could extend losses to 1.4886 (April 20 Low) levels.