28 Apr 2015
GBP/USD extends gains on a weak US data
FXStreet (Mumbai) - The US saw fresh offers, thereby pushing the GBP/USD higher to a fresh session high of 1.5326 after the weaker-than-expected US consumer confidence and regional manufacturing data hit the wires.
GBP/USD extends 700-pip rally
The cable extended the 700-pip rally witnessed from the low of 1.4564 after the US consumer confidence data for April missed the expectation of 102.5 to print at 95.2. The Richmond Fed manufacturing index fell to -3, beating the estimate of -2.
Focus now shifts to the US FOMC policy statement due for release tomorrow. The recent string of a weaker-than-expected US data convinced investors that the Fed could delay the rate hike to late 2015 or early 2016.
GBP/USD Technical Levels
The immediate resistance is located at 1.5344, above which the gains could be extended to 1.54. On the flip side, a break below 1.53 could push the pair down to 1.5228.
GBP/USD extends 700-pip rally
The cable extended the 700-pip rally witnessed from the low of 1.4564 after the US consumer confidence data for April missed the expectation of 102.5 to print at 95.2. The Richmond Fed manufacturing index fell to -3, beating the estimate of -2.
Focus now shifts to the US FOMC policy statement due for release tomorrow. The recent string of a weaker-than-expected US data convinced investors that the Fed could delay the rate hike to late 2015 or early 2016.
GBP/USD Technical Levels
The immediate resistance is located at 1.5344, above which the gains could be extended to 1.54. On the flip side, a break below 1.53 could push the pair down to 1.5228.