3 Feb 2015
GBP/USD breaks below 1.500, ahead of UK data
FXStreet (Mumbai) - GBP/USD slipped to fresh session lows and retested last Friday’s low of 1.4988 levels. However the cable quickly bounced-off lows and regained 1.5000 levels.
GBP/USD recovers from lows
The GBP/USD pair traded at 1.5010 levels, down -0.22% on the day, retreating from fresh session lows posted at 1.4990. GBP/USD slipped below 1.50 just before UK construction PMI data. Traders now believe that the pair is likely to head southwards, failing to rebound from 1.5000, the critical psychological mark.
Moreover, the pair is expected to snap the recent correction phase ahead of BoE's Monetary Policy Committee's (MPC) meeting due later this week.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5050 above which gains could be extended to 1.5104 levels. On the flip side, support is seen at 1.4988 below which it could extend losses to sub 1.4948 levels.
GBP/USD recovers from lows
The GBP/USD pair traded at 1.5010 levels, down -0.22% on the day, retreating from fresh session lows posted at 1.4990. GBP/USD slipped below 1.50 just before UK construction PMI data. Traders now believe that the pair is likely to head southwards, failing to rebound from 1.5000, the critical psychological mark.
Moreover, the pair is expected to snap the recent correction phase ahead of BoE's Monetary Policy Committee's (MPC) meeting due later this week.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5050 above which gains could be extended to 1.5104 levels. On the flip side, support is seen at 1.4988 below which it could extend losses to sub 1.4948 levels.