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20 Apr 2015
GBP/USD recovers losses
FXStreet (Mumbai) - The GBP saw a fresh bid wave in the early European session, which helped the GBP/USD recover from the low of 1.4933 to 1.4972 levels.
Hovers near resistance zone
The area around 1.4980-1.5 levels has acted as a trough barrier to breach on the daily closing basis since last month. On a few occasions, the pair clocked an intraday high above 1.5 levels, however, ailed to sustain above the same. Similar move was seen on Friday, when the pair clocked a high of 1.5051 before ending the session lower to 1.4958.
The pair lacks a fresh fundamental trigger today, hence the market’s appetite for the US dollar could decide the trend in the cable.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5, above which gains could be extended to the Friday’s high of 1.5051. On the flip side, a break below 1.4936 could drive the pair lower to 1.4865.
Hovers near resistance zone
The area around 1.4980-1.5 levels has acted as a trough barrier to breach on the daily closing basis since last month. On a few occasions, the pair clocked an intraday high above 1.5 levels, however, ailed to sustain above the same. Similar move was seen on Friday, when the pair clocked a high of 1.5051 before ending the session lower to 1.4958.
The pair lacks a fresh fundamental trigger today, hence the market’s appetite for the US dollar could decide the trend in the cable.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5, above which gains could be extended to the Friday’s high of 1.5051. On the flip side, a break below 1.4936 could drive the pair lower to 1.4865.