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3 Mar 2015
GBP/USD in a run for 1.5400, UK data eyed
FXStreet (Mumbai) - GBP/USD advanced gradually in the late Asian session, recovering losses from the previous session, as the US dollar was largely sold-off across the board on a bout of profit-taking.
GBP/USD consolidates above 1.5350
The GBP/USD pair trades higher by -0.15% at fresh session highs of 1.5388, in an attempt to test 1.5400 levels. The cable defends gains in the Asian session on a broadly weaker US dollar as the traders resorted to cover their short positions after the greenback rallied close to eleven year high versus its major peers on better than expected US economic data.
Moreover, the pound remains supported against the US dollar after impressive retail sales numbers from the UK released yesterday continues to boost the GBP.
Meanwhile, traders now await UK construction PMI for fresh incentives, in absence of significant economic releases from US later in the day.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5400 above which gains could be extended to 1.5445 (100-DMA) levels. On the flip side, support is seen at 1.5350 below which it could extend losses to 1.5329 levels.
GBP/USD consolidates above 1.5350
The GBP/USD pair trades higher by -0.15% at fresh session highs of 1.5388, in an attempt to test 1.5400 levels. The cable defends gains in the Asian session on a broadly weaker US dollar as the traders resorted to cover their short positions after the greenback rallied close to eleven year high versus its major peers on better than expected US economic data.
Moreover, the pound remains supported against the US dollar after impressive retail sales numbers from the UK released yesterday continues to boost the GBP.
Meanwhile, traders now await UK construction PMI for fresh incentives, in absence of significant economic releases from US later in the day.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5400 above which gains could be extended to 1.5445 (100-DMA) levels. On the flip side, support is seen at 1.5350 below which it could extend losses to 1.5329 levels.