5 Jun 2015
GBP/USD suffers cross-related selling
FXStreet (Mumbai) - The GBP/USD pair fell to a low of 1.5311 as the British Pound is being offered against the common currency on account of positive German data and upbeat Bundesbank forecasts.
GBP/USD sustain above 10-DMA
The pair has recovered to trade above its 10-DMA located at 1.5316. However, the GBP is still underperforming against major currencies mainly on account of the uptick in the EUR/GBP pair, which ran through offers at 0.7325 to trade at 0.7345 levels. The upward revision of the German 2015 GDP forecast by the Bundesbank and a strong factory orders data led to a sell-off in GBP against the EUR.
Ahead in the day, the investors would watch out for the monthly US non-farm payrolls data, which could implications regarding the timing of interest rate hike in the US.
GBP/USD Technical Levels
The pair currently trades at 1.5315. The immediate support is seen at 1.53, under which the pair could drop to 1.5259 (50-DMA). On the flip side, a break above 1.5336 (38.2% Fib R of 1.4564-1.5813) could push the pair higher to 1.5371 (200-DMA).
GBP/USD sustain above 10-DMA
The pair has recovered to trade above its 10-DMA located at 1.5316. However, the GBP is still underperforming against major currencies mainly on account of the uptick in the EUR/GBP pair, which ran through offers at 0.7325 to trade at 0.7345 levels. The upward revision of the German 2015 GDP forecast by the Bundesbank and a strong factory orders data led to a sell-off in GBP against the EUR.
Ahead in the day, the investors would watch out for the monthly US non-farm payrolls data, which could implications regarding the timing of interest rate hike in the US.
GBP/USD Technical Levels
The pair currently trades at 1.5315. The immediate support is seen at 1.53, under which the pair could drop to 1.5259 (50-DMA). On the flip side, a break above 1.5336 (38.2% Fib R of 1.4564-1.5813) could push the pair higher to 1.5371 (200-DMA).