13 Feb 2015
GBP/USD fighting for 1.5400
FXStreet (Mumbai) - GBP/USD edged slightly higher in the European session, heading gradually towards fresh six-week highs as BOE’s inflation predictions and weaker US dollar continues to underpin the cable.
GBP/USD rises from 1.5385 levels
The GBP/USD pair trades marginally higher by 0.09% at 1.5399 levels, in another attempt to retest session highs. GBP/USD gained some momentum after UK construction sector activity fell in Q4 2014 driven down by less maintenance and repair work and slower house building. However, the ONS analyst said that this downward revision should not have a real effect on the preliminary UK GDP which so far stands at 0.5%. Moreover, generalized weakness in the US dollar across the board keeps GBP/USD buoyed.
Meanwhile, traders now shift their attention towards another set of US data due later today for fresh directions on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5420 above which gains could be extended to 1.5500 levels. On the flip side, support is seen at 1.5354 below which it could extend losses to sub 1.5300 levels.
GBP/USD rises from 1.5385 levels
The GBP/USD pair trades marginally higher by 0.09% at 1.5399 levels, in another attempt to retest session highs. GBP/USD gained some momentum after UK construction sector activity fell in Q4 2014 driven down by less maintenance and repair work and slower house building. However, the ONS analyst said that this downward revision should not have a real effect on the preliminary UK GDP which so far stands at 0.5%. Moreover, generalized weakness in the US dollar across the board keeps GBP/USD buoyed.
Meanwhile, traders now shift their attention towards another set of US data due later today for fresh directions on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5420 above which gains could be extended to 1.5500 levels. On the flip side, support is seen at 1.5354 below which it could extend losses to sub 1.5300 levels.