18 Feb 2015
GBP/USD struggles to extend gains
FXStreet (Mumbai) - The GBP/USD pair is struggling to extend gains despite a weaker-than-expected housing data in the US. The little reaction to a weak data indicates markets are mainly focused on the Fed minutes due for release later today.
GBP/USD keeps 1.5419-1.5438 range
The pair continues to trade in the range of 1.5419-1.5438 after the data in the US showed housing starts fell 2.0%, beating the estimate of 1.7% fall, while building permits fell 0.7% against expectation of a 0.95 rise. However, the previous month’s figure for both the data was revised higher. Earlier today, an upbeat jobs data in the UK coupled with the slightly hawkish BOE minutes saw GBP/USD rise from the low of 1.5340 to 1.5338. Since then, the pair has been restricted to a range of 1.5419-1.5438.
GBP/USD Technical Levels
The immediate support is seen at 1.5419, under which the pair could drop to 1.5393 levels. On the flip side, resistance is seen at 1.5438, above which the pair could rise to 1.5476 levels.
GBP/USD keeps 1.5419-1.5438 range
The pair continues to trade in the range of 1.5419-1.5438 after the data in the US showed housing starts fell 2.0%, beating the estimate of 1.7% fall, while building permits fell 0.7% against expectation of a 0.95 rise. However, the previous month’s figure for both the data was revised higher. Earlier today, an upbeat jobs data in the UK coupled with the slightly hawkish BOE minutes saw GBP/USD rise from the low of 1.5340 to 1.5338. Since then, the pair has been restricted to a range of 1.5419-1.5438.
GBP/USD Technical Levels
The immediate support is seen at 1.5419, under which the pair could drop to 1.5393 levels. On the flip side, resistance is seen at 1.5438, above which the pair could rise to 1.5476 levels.