22 Jan 2015
GBP/USD strengthens despite rise in the UK PSNB
FXStreet (Mumbai) - The GBP/USD pair continued to inch higher after the data in the UK showed Public Sector Net Borrowing (PSNB) rose in December.
The pair now trades 0.13% higher for the day at 1.5164 levels. The Pound continues to remain strong even though Public sector net borrowing in December rose to GBP 12.5 billion, beating the expected GBP 9.0 billion figure. However, the previous month’s figure has been revised lower to GBP 11.7 billion. The pair also ignored comments from the Bank of England policy maker Miles, who said that there is “no great urgency” to tighten monetary policy.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5178, above which the pair could test 1.52 levels. Meanwhile, the support is seen at 5157 and 5120 levels.
The pair now trades 0.13% higher for the day at 1.5164 levels. The Pound continues to remain strong even though Public sector net borrowing in December rose to GBP 12.5 billion, beating the expected GBP 9.0 billion figure. However, the previous month’s figure has been revised lower to GBP 11.7 billion. The pair also ignored comments from the Bank of England policy maker Miles, who said that there is “no great urgency” to tighten monetary policy.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5178, above which the pair could test 1.52 levels. Meanwhile, the support is seen at 5157 and 5120 levels.