20 Mar 2015
GBP/USD bounces above 1.4760 on UK data
FXStreet (Mumbai) - GBP/USD erased previous gains and trades flat, swinging between gains and losses during the European morning, as markets remains unperturbed by better than expected UK public sector finances sector data.
GBP/USD rises from 1.4728 levels
The GBP/USD pair trades flat at 1.4764, bouncing-off fresh session lows posted at 1.4722 some time ago. The cable reversed losses and trades muted awaiting fresh cues in the day. Moreover, better than expected UK public sector borrowings data failed to lift the pound.
The UK public sector borrowing, excluding banks, came in at £6.9 billion; compared with February last year’s £3.5 billion lower. The better than expected borrowing figure was mainly due to another record number of income tax receipts, putting January and February's receipts at the highest since 1997.
Meanwhile, traders await speeches from Fed officials later in the day which may have major impact on the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4777 (Today’s High) above which gains could be extended to 1.4800 levels. On the flip side, support is seen at 1.4722 (Today’s Low) levels below which it could extend losses to 1.4700 levels.
GBP/USD rises from 1.4728 levels
The GBP/USD pair trades flat at 1.4764, bouncing-off fresh session lows posted at 1.4722 some time ago. The cable reversed losses and trades muted awaiting fresh cues in the day. Moreover, better than expected UK public sector borrowings data failed to lift the pound.
The UK public sector borrowing, excluding banks, came in at £6.9 billion; compared with February last year’s £3.5 billion lower. The better than expected borrowing figure was mainly due to another record number of income tax receipts, putting January and February's receipts at the highest since 1997.
Meanwhile, traders await speeches from Fed officials later in the day which may have major impact on the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4777 (Today’s High) above which gains could be extended to 1.4800 levels. On the flip side, support is seen at 1.4722 (Today’s Low) levels below which it could extend losses to 1.4700 levels.