2 Feb 2015
GBP/USD ignored US data
FXStreet (Mumbai) - The GBP/USD pair ignored US personal income and spending report for December as it continues to trade weak around 1.5030 levels.
Unwinding of EUR/GBP shorts weighs over pair
Unwinding of euro shorts against British pound longs has led to some pressure in the GBP/USD pair. The EUR/GBP pair witnessed a technical correction from the six year low, although gains were capped at 23.6% retracement level of 0.7544.
Thus, the Pound came under pressure against the USD despite a strong UK PMI manufacturing data released earlier today. Meanwhile, a 0.3% drop in US personal spending in December failed to have any impact on the pair. On similar lines a 0.3% rise in personal income did little to strengthen the US dollar.
GBP/USD Technical Levels
At the moment, the pair is trading 0.24% lower at 1.5030 levels. The immediate support is seen at 1.4988 and 1.4949 levels. Meanwhile, resistance is seen at 1.5049 and 1.5094 levels.
Unwinding of EUR/GBP shorts weighs over pair
Unwinding of euro shorts against British pound longs has led to some pressure in the GBP/USD pair. The EUR/GBP pair witnessed a technical correction from the six year low, although gains were capped at 23.6% retracement level of 0.7544.
Thus, the Pound came under pressure against the USD despite a strong UK PMI manufacturing data released earlier today. Meanwhile, a 0.3% drop in US personal spending in December failed to have any impact on the pair. On similar lines a 0.3% rise in personal income did little to strengthen the US dollar.
GBP/USD Technical Levels
At the moment, the pair is trading 0.24% lower at 1.5030 levels. The immediate support is seen at 1.4988 and 1.4949 levels. Meanwhile, resistance is seen at 1.5049 and 1.5094 levels.