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15 Apr 2015
GBP/USD falls to 1.4730
FXStreet (Mumbai) - The US dollar caught a bid wave in the early European session, which pushed the GBP/USD pair to a session low of 1.4730.
USD makes a comeback
In a quiet European session, the US dollar made a strong comeback, rising across the board. Earlier today, the cable clocked a high of 1.4776, before the market started bidding the US dollar higher. The demand for safe haven assets - Treasuries, USD, JPY and Gold increased on concerns of a slowdown in the major economies of the world. China reported Q1 GDP at six year lows earlier today, while German economy also fired a warning short regarding weak growth in Q1. US economy too is likely to slow down as per IMF forecasts.
At the moment, the losses are being capped around 1.4730. The overall market sentiment is expected to guide the GBP/USD today, as the UK boasts of a thin economic calendar.
GBP/USD Technical Levels
The immediate support is seen at 1.4720.47, under which losses could be extended to 1.4660. On the flip side, a break above 1.4768 could drive the pair higher to 1.48 levels.
USD makes a comeback
In a quiet European session, the US dollar made a strong comeback, rising across the board. Earlier today, the cable clocked a high of 1.4776, before the market started bidding the US dollar higher. The demand for safe haven assets - Treasuries, USD, JPY and Gold increased on concerns of a slowdown in the major economies of the world. China reported Q1 GDP at six year lows earlier today, while German economy also fired a warning short regarding weak growth in Q1. US economy too is likely to slow down as per IMF forecasts.
At the moment, the losses are being capped around 1.4730. The overall market sentiment is expected to guide the GBP/USD today, as the UK boasts of a thin economic calendar.
GBP/USD Technical Levels
The immediate support is seen at 1.4720.47, under which losses could be extended to 1.4660. On the flip side, a break above 1.4768 could drive the pair higher to 1.48 levels.