30 Mar 2015
GBP/USD: trades near session lows
FXStreet (Mumbai) - The GBP/USD pair failed to sustain above 1.48 and fell near session lows after the data in the US showed personal income beat estimates, while spending rose less than expected in February.
USD supported by upbeat data
The pair rose to a post-US data high of 1.4806 after the data showed personal spending rose 0.1% month-on-month, compared to the expectation of a 0.2% rise. However, other data sets were quite optimistic, with personal income rising 0.4% in February compared to the expectation of a 0.3% rise. The core PCE figure also ticked higher in February to 1.4% year-on-year. Consequently, the pair failed to sustain above 1.48.
Meanwhile, the British Pound continues to remain under pressure due to election uncertainty. Attention now shifts to the Pending home sales figure and the Dallas Fed manufacturing index in the US.
GBP/USD Technical Levels
At the moment, the pair is trading at 1.4788; down 0.71% for the day. The immediate support is seen at 1.4740-1.4750, under which the pair could drop to 1.4687 (March. 19 low). On the flip side, resistance is seen at 1.4795 and 1.4849.
USD supported by upbeat data
The pair rose to a post-US data high of 1.4806 after the data showed personal spending rose 0.1% month-on-month, compared to the expectation of a 0.2% rise. However, other data sets were quite optimistic, with personal income rising 0.4% in February compared to the expectation of a 0.3% rise. The core PCE figure also ticked higher in February to 1.4% year-on-year. Consequently, the pair failed to sustain above 1.48.
Meanwhile, the British Pound continues to remain under pressure due to election uncertainty. Attention now shifts to the Pending home sales figure and the Dallas Fed manufacturing index in the US.
GBP/USD Technical Levels
At the moment, the pair is trading at 1.4788; down 0.71% for the day. The immediate support is seen at 1.4740-1.4750, under which the pair could drop to 1.4687 (March. 19 low). On the flip side, resistance is seen at 1.4795 and 1.4849.