24 Mar 2015
GBP/USD recovers from session low
FXStreet (Mumbai) - The rebound in the US inflation hurt the British Pound big time, sending the GBP/USD pair well to a session low of 1.4876, however the pair has recovered slightly to trade near 1.49 levels.
GBP/USD: hits session low
The GBP/USD hit a session low of 1.4876 after the data in the US showed the inflation rebounded in February, which means the June rate in the US is still on the table. Meanwhile, the Pound also came under pressure due to the weakness in the Gilt yields. The 10-year Gilt yield in the UK are down 1.8 basis points to 1.492%, while the 10-year US Treasury yield is down 1.1 basis points to 1.904%.
The pair has recovered slightly to trade closer to 1.49 levels ahead of the US manufacturing PMI data and the New home sales data.
GBP/USD Technical Levels
The immediate support is seen at 1.4876, under which the pair could drop to 1.4850 levels. On the other hand, immediate resistance is seen at 1.4895, above which the pair could re-test the hourly 50-MA at 1.4930.
GBP/USD: hits session low
The GBP/USD hit a session low of 1.4876 after the data in the US showed the inflation rebounded in February, which means the June rate in the US is still on the table. Meanwhile, the Pound also came under pressure due to the weakness in the Gilt yields. The 10-year Gilt yield in the UK are down 1.8 basis points to 1.492%, while the 10-year US Treasury yield is down 1.1 basis points to 1.904%.
The pair has recovered slightly to trade closer to 1.49 levels ahead of the US manufacturing PMI data and the New home sales data.
GBP/USD Technical Levels
The immediate support is seen at 1.4876, under which the pair could drop to 1.4850 levels. On the other hand, immediate resistance is seen at 1.4895, above which the pair could re-test the hourly 50-MA at 1.4930.