28 Apr 2015
GBP/USD consolidates above 1.5300
FXStreet (Córdoba) - Cable is consolidating important daily gains as it holds above 1.5300, headed toward the strongest close since March 3. GBP/USD peaked during the American session at 1.5338 and currently trades at 1.5315, up 0.55% for the day.
The pound is rising for the sixth day in a row against the US dollar and from April 13 lows it has risen 780 pips, making a run from 4-year lows to 1-month highs in three weeks.
The rally of the pair found resistance around the 1.5340 and still holds a bullish tone but several technical indicators are showing extreme overbought readings.
US and FED offset UK GDP data
A lower than expected GDP reading from the first quarter in the United Kingdom was completely offset by the decline of the American dollar across the board. Greenback weakened considerably ahead of the FOMC statement and after another round of disappointing economic reports.
The pound is rising for the sixth day in a row against the US dollar and from April 13 lows it has risen 780 pips, making a run from 4-year lows to 1-month highs in three weeks.
The rally of the pair found resistance around the 1.5340 and still holds a bullish tone but several technical indicators are showing extreme overbought readings.
US and FED offset UK GDP data
A lower than expected GDP reading from the first quarter in the United Kingdom was completely offset by the decline of the American dollar across the board. Greenback weakened considerably ahead of the FOMC statement and after another round of disappointing economic reports.