Back
31 Dec 2014
GBP/USD trades firm, moves away from 16-month lows
FXStreet (Mumbai) - Cable trades higher in the Asian morning, extending gains and bouncing–off from more than one–year lows area seen in the previous session.
The GBP/USD pair trades at 1.5563 levels, up 0.27% on the day, pulling away from 16-month low levels of 1.5498, hit in the previous session. The sterling rebounded against the US dollar after booking back-to-back losses as markets took to profit booking after the recent pound-hammering sessions. The US dollar also lost steam versus the sterling after the US Conference Board consumer confidence index rebounded less than forecast, printing 92.6 against market estimates of 94.0.
Meanwhile, markets now shift their attention towards Manufacturing PMI from the UK due for release on Friday.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5588 (Dec 29 High) above which gains could be extended to 1.5610 (Dec 23 High) levels. On the flip side, support is seen at 1.5535 (Dec 26 Low) levels, below which it could extend losses to 1.5498 (Dec 30 Low) levels.
The GBP/USD pair trades at 1.5563 levels, up 0.27% on the day, pulling away from 16-month low levels of 1.5498, hit in the previous session. The sterling rebounded against the US dollar after booking back-to-back losses as markets took to profit booking after the recent pound-hammering sessions. The US dollar also lost steam versus the sterling after the US Conference Board consumer confidence index rebounded less than forecast, printing 92.6 against market estimates of 94.0.
Meanwhile, markets now shift their attention towards Manufacturing PMI from the UK due for release on Friday.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5588 (Dec 29 High) above which gains could be extended to 1.5610 (Dec 23 High) levels. On the flip side, support is seen at 1.5535 (Dec 26 Low) levels, below which it could extend losses to 1.5498 (Dec 30 Low) levels.