30 Apr 2015
GBP/USD rejected at 1.55
FXStreet (Mumbai) - The British pound kept gains, albeit retraced from near fresh three month highs against the US dollar in the European session, with GBP/USD trimming gains, as traders exited long USD positions post FOMC which triggered massive US dollar sell-off.
GBP/USD retreats from 1.5492
The GBP/USD pair trades 0.21% higher at 1.5470, quickly retreating from fresh highs at 1.5492. The GBP/USD pair trimmed gains despite the US dollar being relentlessly offered across the board as traders preferred to lock-in gains after the recent upsurge. Moreover, uncertainty surround UK general elections also resurfaced restricting further upside in the cable.
Meanwhile, markets now await a slew of US economic release in absence of no GBP data for release today. While traders eagerly await UK manufacturing PMI reading due to be reported tomorrow.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5500 above which gains could be extended to 1.5553 (Feb 26 High) levels. On the flip side, support is seen at 1.5402 (Today’s Low) below which it could extend losses to 1.5381 levels.
GBP/USD retreats from 1.5492
The GBP/USD pair trades 0.21% higher at 1.5470, quickly retreating from fresh highs at 1.5492. The GBP/USD pair trimmed gains despite the US dollar being relentlessly offered across the board as traders preferred to lock-in gains after the recent upsurge. Moreover, uncertainty surround UK general elections also resurfaced restricting further upside in the cable.
Meanwhile, markets now await a slew of US economic release in absence of no GBP data for release today. While traders eagerly await UK manufacturing PMI reading due to be reported tomorrow.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5500 above which gains could be extended to 1.5553 (Feb 26 High) levels. On the flip side, support is seen at 1.5402 (Today’s Low) below which it could extend losses to 1.5381 levels.