19 Feb 2015
GBP/USD erases gains
FXStreet (Mumbai) - The GBP/USD pair struggled to extend gains beyond 1.5463 levels and dropped to 1.5433, its opening price, amid absence of fresh fundamental news out of the UK.
Is USD making a comeback?
The US dollar recovered losses across the board after suffering losses on the dovish language in the Fed minutes released yesterday. The British Pound remains relatively strong as the Bank of England (BOE) too, is expected to raise interest rates this year. Moreover, the BOE minutes released yesterday were relatively hawkish, which gives an edge to the British Pound as compared to other G-10 currencies.
The USD index did rise to a session high of 94.32, although the Treasury yields remain largely unchanged for the day. Thus, it remains to be seen whether the US dollar stages a successful comeback. However,at the moment, the British Pound has erased gains, taking the GBP/USD pair to 1.5433 levels; down 0.035 for the day.
GBP/USD Technical Levels
The pair has an immediate support at 1.5419, under which losses could be extended to 1.5377 levels. On the flip side, resistance is seen at 1.5472 and 1.55 levels.
Is USD making a comeback?
The US dollar recovered losses across the board after suffering losses on the dovish language in the Fed minutes released yesterday. The British Pound remains relatively strong as the Bank of England (BOE) too, is expected to raise interest rates this year. Moreover, the BOE minutes released yesterday were relatively hawkish, which gives an edge to the British Pound as compared to other G-10 currencies.
The USD index did rise to a session high of 94.32, although the Treasury yields remain largely unchanged for the day. Thus, it remains to be seen whether the US dollar stages a successful comeback. However,at the moment, the British Pound has erased gains, taking the GBP/USD pair to 1.5433 levels; down 0.035 for the day.
GBP/USD Technical Levels
The pair has an immediate support at 1.5419, under which losses could be extended to 1.5377 levels. On the flip side, resistance is seen at 1.5472 and 1.55 levels.