29 Apr 2015
GBP/USD pops above 1.5350 – at fresh monthly highs
FXStreet (Mumbai) - The British pound trades modestly flat in a slim range versus its US counterpart in the early European trades, with the upbeat UK HPI figures providing the much needed push to sterling, driving GBP/USD above 1.5350 levels as traders remain cautious ahead of the crucial US Q1 2015 GDP and the Fed Statement due later today data.
GBP/USD supported at 1.5330
The GBP/USD pair trades flat at 1.5349, near fresh one month highs at 1.5355 reached few minutes ago. The GBP/USD pair snapped its overnight side trend and edged higher above 1.5350 – psychological levels, as the pound was boosted in reaction to upbeat UK’s nation-wide housing prices data which beat market estimates, rising 1% in April vs. 0.1% in March, against forecasts of 0.2% rise.
However, the upside may remain capped as traders may resort to profit-booking after the recent strength following weak US consumer confidence numbers which further added to the bearish USD sentiment.
extends its side trend in to the European morning, as traders prefer to remain on the side lines before the release of the key UK growth numbers which may have major impacts on the major.
Meanwhile, markets now focus towards US Q1 2015 GDP data and FOMC statement due later in the session which is likely to create some volatility for the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5373 (March 4 High) above which gains could be extended to 1.5400 levels. On the flip side, support is seen at 1.5300 below which it could extend losses to 1.5248 (March 4 Low) levels.
GBP/USD supported at 1.5330
The GBP/USD pair trades flat at 1.5349, near fresh one month highs at 1.5355 reached few minutes ago. The GBP/USD pair snapped its overnight side trend and edged higher above 1.5350 – psychological levels, as the pound was boosted in reaction to upbeat UK’s nation-wide housing prices data which beat market estimates, rising 1% in April vs. 0.1% in March, against forecasts of 0.2% rise.
However, the upside may remain capped as traders may resort to profit-booking after the recent strength following weak US consumer confidence numbers which further added to the bearish USD sentiment.
extends its side trend in to the European morning, as traders prefer to remain on the side lines before the release of the key UK growth numbers which may have major impacts on the major.
Meanwhile, markets now focus towards US Q1 2015 GDP data and FOMC statement due later in the session which is likely to create some volatility for the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5373 (March 4 High) above which gains could be extended to 1.5400 levels. On the flip side, support is seen at 1.5300 below which it could extend losses to 1.5248 (March 4 Low) levels.