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27 Mar 2015
GBP/USD bounces-off fresh weekly lows, regains 1.48
FXStreet (Mumbai) - GBP/USD fell to fresh one–week lows below 1.48 handle in the European morning, as traders now gear up for US GDP figures while BOE Carney is due to speak shortly.
GBP/USD rises from 1.4797
The GBP/USD pair trades lower at 1.4822, down -0.19% on the day, rebounding fresh weekly lows previously posted at 1.4797 levels. The cable dropped this morning mainly driven by solid gains in the US dollar across the board, supported by yesterday’s above estimates US economic data.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades higher by 0.50% at 98.04 levels.
However, losses in GBP/USD are cushioned as the pound remains underpinned on impressive UK retail sales numbers. Meanwhile, traders now await BOE Carney’s speech and US GDP data for fresh incentives on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4868 (Today’s High) above which gains could be extended to 1.4900 levels. On the flip side, support is seen at 1.4797 (Today’s Low) levels below which it could extend losses to 1.4727 levels.
GBP/USD rises from 1.4797
The GBP/USD pair trades lower at 1.4822, down -0.19% on the day, rebounding fresh weekly lows previously posted at 1.4797 levels. The cable dropped this morning mainly driven by solid gains in the US dollar across the board, supported by yesterday’s above estimates US economic data.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades higher by 0.50% at 98.04 levels.
However, losses in GBP/USD are cushioned as the pound remains underpinned on impressive UK retail sales numbers. Meanwhile, traders now await BOE Carney’s speech and US GDP data for fresh incentives on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4868 (Today’s High) above which gains could be extended to 1.4900 levels. On the flip side, support is seen at 1.4797 (Today’s Low) levels below which it could extend losses to 1.4727 levels.