19 Feb 2015
GBP/USD on its way to 7-week highs, 1.5500 in sight
FXStreet (Mumbai) - GBP/USD crawled higher to fresh session highs during the European session, riding higher on the UK labour report amid US dollar weakness across the board.
GBP/USD climbs from 1.5434 levels
The GBP/USD pair trades higher by 0.15% at 1.5459 levels, inching towards fresh seven week highs posted at 1.5483 levels in the previous session. GBP/USD remains lifted largely on the back of a softer US dollar. The dollar pairs were sold-off after Wednesday's dovish tone of the FOMC Minutes. Moreover, the pound was supported by labor data from the UK, which produced a positive surprise on Wednesday.
Meanwhile, in absence of significant data from the UK today, traders will now focus on US macro data later in the day and crucial UK retail sales figures for further moves on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5483 above which gains could be extended to 1.5500 levels. On the flip side, support is seen at 1.5430 below which it could extend losses to 1.5400 levels.
GBP/USD climbs from 1.5434 levels
The GBP/USD pair trades higher by 0.15% at 1.5459 levels, inching towards fresh seven week highs posted at 1.5483 levels in the previous session. GBP/USD remains lifted largely on the back of a softer US dollar. The dollar pairs were sold-off after Wednesday's dovish tone of the FOMC Minutes. Moreover, the pound was supported by labor data from the UK, which produced a positive surprise on Wednesday.
Meanwhile, in absence of significant data from the UK today, traders will now focus on US macro data later in the day and crucial UK retail sales figures for further moves on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5483 above which gains could be extended to 1.5500 levels. On the flip side, support is seen at 1.5430 below which it could extend losses to 1.5400 levels.