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27 May 2015
GBP/USD rises above 1.54
FXStreet (Mumbai) - The bid tone on the USD appears to have exhausted, thereby helping the GBP/USD pair recover losses to trade above 1.54 levels ahead of the European session on Wednesday.
Back above 200-DMA
The pair is back above the 200-DMA located at 1.5402, after having witnessed a New York closing below the same on Tuesday. The US dollar has been on the rise as better-than-expected core inflation and durable goods figures brought rate hike closer. However, the markets appear to favor the British Pound today in as the UK Q1 GDP is expected to be revised higher on Thursday.
It remains to be seen if the European desks continue to push the Pound higher or the US dollar resumes the uptrend on the rates outlook.
GBP/USD Technical Levels
The pair currently trades at 1.5425. The immediate resistance is located at 1.5449 (5-DMA) and 1.5472. On the flip side, a break below 1.5402 (200-SMA) could push the pair lower to 1.5354.
Back above 200-DMA
The pair is back above the 200-DMA located at 1.5402, after having witnessed a New York closing below the same on Tuesday. The US dollar has been on the rise as better-than-expected core inflation and durable goods figures brought rate hike closer. However, the markets appear to favor the British Pound today in as the UK Q1 GDP is expected to be revised higher on Thursday.
It remains to be seen if the European desks continue to push the Pound higher or the US dollar resumes the uptrend on the rates outlook.
GBP/USD Technical Levels
The pair currently trades at 1.5425. The immediate resistance is located at 1.5449 (5-DMA) and 1.5472. On the flip side, a break below 1.5402 (200-SMA) could push the pair lower to 1.5354.