3 Feb 2015
GBP/USD posts fresh session highs at 1.5046
FXStreet (Mumbai) - GBP/USD erased previous losses and hit new session highs, coming in as a delayed reaction to the better than forecasts UK construction sector PMI.
GBP/USD moves up from 1.5020 levels
The GBP/USD pair traded flat at 1.5034 levels, retreating from fresh session highs posted at 1.5046. GBP/USD jumped to fresh session in a delayed reaction as traders took a while to digest that the UK construction sector continued to hold its momentum in January, rebounding from the 17-month low in December. Moreover, markets now view that the Bank of England (BOE) in its upcoming meeting may hint sooner than expected timing for the rate lift-off given the recent positive data releases.
Meanwhile, any gains in the cable may seem short-lived so long as it holds between 1.50-1.51 levels.
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 moves up from 1.5020 levels
The GBP/USD pair traded flat at 1.5034 levels, retreating from fresh session highs posted at 1.5046. GBP/USD jumped to fresh session in a delayed reaction as traders took a while to digest that the UK construction sector continued to hold its momentum in January, rebounding from the 17-month low in December. Moreover, markets now view that the Bank of England (BOE) in its upcoming meeting may hint sooner than expected timing for the rate lift-off given the recent positive data releases.
Meanwhile, any gains in the cable may seem short-lived so long as it holds between 1.50-1.51 levels.
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.