1 May 2015
GBP/USD rises to 1.5390
FXStreet (Mumbai) - The GBP received a boost via selling in the EUR/GBP cross, which pushed the GBP/USD pair higher to 1.5390 ahead of the release of the UK PMI manufacturing report.
GBP/USD: rises above hourly 50-MA
The pair rose above its hourly 50-MA located at 1.5386, mainly due to the fresh offers witnessed in the EUR/GBP pair at 0.7331 levels. It remains to be seen if the selling the EUR/GBP cross continues and is able to drive the pair to further highs.
Apart from the activity in the cross, the UK manufacturing PMI data due for release later today shall also decide whether the pair extends the gains or falls back into losses.
GBP/USD Technical Levels
The immediate resistance is located at 1.54, above which gains could be extended to 1.5490 (200-DMA). On the flip side, a break below 1.5336 (5-DMA), under which losses could be extended to 1.5250.
GBP/USD: rises above hourly 50-MA
The pair rose above its hourly 50-MA located at 1.5386, mainly due to the fresh offers witnessed in the EUR/GBP pair at 0.7331 levels. It remains to be seen if the selling the EUR/GBP cross continues and is able to drive the pair to further highs.
Apart from the activity in the cross, the UK manufacturing PMI data due for release later today shall also decide whether the pair extends the gains or falls back into losses.
GBP/USD Technical Levels
The immediate resistance is located at 1.54, above which gains could be extended to 1.5490 (200-DMA). On the flip side, a break below 1.5336 (5-DMA), under which losses could be extended to 1.5250.