8 Apr 2015
GBP/USD steadies above 1.4950 ahead of FOMC minutes
FXStreet (Mumbai) - The GBP/USD pair has been able to sustain itself above 1.4950 levels ahead of the FOMC meeting, after having gained more than 100 pips from the low of 1.4819 seen in the Asian session today.
USD stays weak
The USD remains under pressure ahead of the Fed March meeting minutes. The greenback has recovered almost entire post-Fed losses till the early Asian session today. However, the bid tone on the USD caught fire in the early European session today, which helped the GBP/USD pair recover rise more than 100 pips.
The Royal Dutch Shell and BG group deal was also cited as a reason for the rally in the GBP/USD pair. It remains to be seen whether the Fed minutes make or break the US dollar. Experts believe the minutes are unlikely to offer any major surprises.
GBP/USD Technical Levels
The immediate resistance is located at 1.4983, above which gains could be extended to 1.5030. On the flip side, a break below 1.4935, under which losses could be extended to 1.4878.
USD stays weak
The USD remains under pressure ahead of the Fed March meeting minutes. The greenback has recovered almost entire post-Fed losses till the early Asian session today. However, the bid tone on the USD caught fire in the early European session today, which helped the GBP/USD pair recover rise more than 100 pips.
The Royal Dutch Shell and BG group deal was also cited as a reason for the rally in the GBP/USD pair. It remains to be seen whether the Fed minutes make or break the US dollar. Experts believe the minutes are unlikely to offer any major surprises.
GBP/USD Technical Levels
The immediate resistance is located at 1.4983, above which gains could be extended to 1.5030. On the flip side, a break below 1.4935, under which losses could be extended to 1.4878.