27 Jan 2015
GBP/USD wavers around 1.5100, UK GDP eyed
FXStreet (Mumbai) - Cable extended gains from the previous session and climbed higher to fresh weekly highs in the late-Asian session as traders await first official estimate of UK GDP for the fourth quarter due for release later today.
The GBP/USD pair traded at 1.5102 levels, recording 0.18% gain on the day, having previously posted fresh one week highs at 1.5112 an hour ago. GBP/USD remains elevated on re-emergence of risk-on trades and as traders now shift their attention towards the much await UK GDP numbers. UK 2014 fourth quarter GDP is expected to have slowed from 0.7% in the third quarter, down to 0.6% in the final three months of 2014.
The GBP/USD pair got boosted in the previous session on fresh comments from Bank of England (BoE) Monetary Policy Committee member Kristin Forbes which stated that interest rates in the UK could begin to rise sooner than markets are predicting.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5128 (20-DMA) above which gains could be extended to 1.5088 (10-DMA). On the flip side, support is seen at 1.5079 (Today’s Low) below which it could extend losses to sub 1.5036 (5-DMA) levels.
The GBP/USD pair traded at 1.5102 levels, recording 0.18% gain on the day, having previously posted fresh one week highs at 1.5112 an hour ago. GBP/USD remains elevated on re-emergence of risk-on trades and as traders now shift their attention towards the much await UK GDP numbers. UK 2014 fourth quarter GDP is expected to have slowed from 0.7% in the third quarter, down to 0.6% in the final three months of 2014.
The GBP/USD pair got boosted in the previous session on fresh comments from Bank of England (BoE) Monetary Policy Committee member Kristin Forbes which stated that interest rates in the UK could begin to rise sooner than markets are predicting.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5128 (20-DMA) above which gains could be extended to 1.5088 (10-DMA). On the flip side, support is seen at 1.5079 (Today’s Low) below which it could extend losses to sub 1.5036 (5-DMA) levels.