22 Dec 2014
GBP/USD flat, Tuesday’s UK GDP numbers eyed
FXStreet (Mumbai) - Cable traded unchanged against the US dollar in a choppy mid-European session, reversing mild gains seen in the Asian trading hours.
The GBP/USD pair trades flat at 1.5627 levels, after having clocked a high of 1.5666 levels couple of hours ago. GBP/USD recovered from ten-day lows hit during the last week and trades higher as the US dollar reversed gains from the previous session and slipped against most of the major currencies. However, the sterling failed to hold onto gains amid subdued volatility, as many traders are on the sidelines ahead of the holiday season.
Moreover, markets are now focussing on a batch of UK economic data due to be released tomorrow which may direct some moves for the currency pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5680 (Dec 18 High) above which gains could be extended to 1.5743 levels. On the flip side, support is seen at 1.5624 (Dec 9 Low), below which it could extend losses to 1.5608 (Dec 16 Low) levels.
The GBP/USD pair trades flat at 1.5627 levels, after having clocked a high of 1.5666 levels couple of hours ago. GBP/USD recovered from ten-day lows hit during the last week and trades higher as the US dollar reversed gains from the previous session and slipped against most of the major currencies. However, the sterling failed to hold onto gains amid subdued volatility, as many traders are on the sidelines ahead of the holiday season.
Moreover, markets are now focussing on a batch of UK economic data due to be released tomorrow which may direct some moves for the currency pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5680 (Dec 18 High) above which gains could be extended to 1.5743 levels. On the flip side, support is seen at 1.5624 (Dec 9 Low), below which it could extend losses to 1.5608 (Dec 16 Low) levels.