24 Mar 2015
GBP/USD backs-off from session highs
FXStreet (Mumbai) - The GBP/USD pair retraced slightly from the session high of 1.4982 on signs of a rebound in the US inflation figures in February.
USD makes a comeback
The US dollar is recovering across the board, thereby pushing the GBP/USD to 1.4944 levels on signs of an up tick in underlying inflation pressures. Moreover, the rebound in inflation keep a June interest rate increase on the table. Still, we have not seen a significant improvement in the US treasury yields, which continue to trade weak.
The attention now shifts to the Manufacturing PMI and the New home sales data due for release in the US.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4987, above which gains the pair could rise to 1.5087 levels. On the flip side, a break below 1.4929 (hourly 50-MA), could drive the pair lower to 1.4864 (hourly 100-MA).
USD makes a comeback
The US dollar is recovering across the board, thereby pushing the GBP/USD to 1.4944 levels on signs of an up tick in underlying inflation pressures. Moreover, the rebound in inflation keep a June interest rate increase on the table. Still, we have not seen a significant improvement in the US treasury yields, which continue to trade weak.
The attention now shifts to the Manufacturing PMI and the New home sales data due for release in the US.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4987, above which gains the pair could rise to 1.5087 levels. On the flip side, a break below 1.4929 (hourly 50-MA), could drive the pair lower to 1.4864 (hourly 100-MA).