20 Mar 2015
GBP/USD rises above 1.48
FXStreet (Mumbai) - The sell-off in the US dollar gained momentum ahead of the US session, taking the GBP/USD pair well above 1.48 levels.
GBP/USD rises above hourly 50-MA
The pair rose above the hourly 50-MA and 100-MA located at 1.4804 and 1.4790 respectively. Apart from the broad based sell-off in the USD, the pair also benefitted from the moderate rise in the UK gilt yields, the 10-year Gilt yield currently trades one basis point higher at 1.543%.
With no major US data due for release today, the pair could continue to rise on unwinding of short positions ahead of the weekend.
GBP/USD Technical levels
The pair currently trades at 1.4820; up 0.45% for the day. The immediate resistance is seen at 1.4857 (hourly 200-MA), above which gains could be extended to 1.49 levels. On the flip side, a break below 1.4790 (hourly 100-MA), could send the pair down to 1.4722 levels.
GBP/USD rises above hourly 50-MA
The pair rose above the hourly 50-MA and 100-MA located at 1.4804 and 1.4790 respectively. Apart from the broad based sell-off in the USD, the pair also benefitted from the moderate rise in the UK gilt yields, the 10-year Gilt yield currently trades one basis point higher at 1.543%.
With no major US data due for release today, the pair could continue to rise on unwinding of short positions ahead of the weekend.
GBP/USD Technical levels
The pair currently trades at 1.4820; up 0.45% for the day. The immediate resistance is seen at 1.4857 (hourly 200-MA), above which gains could be extended to 1.49 levels. On the flip side, a break below 1.4790 (hourly 100-MA), could send the pair down to 1.4722 levels.