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2 Mar 2015
GBP/USD struggles above 1.5400
FXStreet (Mumbai) - GBP/USD recovered partial losses and retraced from below 1.5400 levels in the late-Asian session as a broadly stronger US dollar continues to weigh on the pair, while traders now eye UK manufacturing PMI due later in the day.
GBP/USD bounces-off 1.5393 levels
The GBP/USD pair trades lower by -0.20% at 1.5408, in an attempt to retest daily highs at 1.5417 levels. The cable keeps losses in the Asian session as traders continue to cheer upbeat US GDP and consumer confidence numbers released on Friday, boosting the US dollar amid renewed expectations of US interest rate-hike.
Moreover, traders prefer to hold the reserve currency ahead of a set of key UK economic releases kick-starting with Nationwide HPI m/m, followed by crucial manufacturing PMI reading.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5429 (5-DMA) above which gains could be extended to 1.5450 (100-DMA) levels. On the flip side, support is seen at 1.5385 below which it could extend losses to 1.5333 levels.
GBP/USD bounces-off 1.5393 levels
The GBP/USD pair trades lower by -0.20% at 1.5408, in an attempt to retest daily highs at 1.5417 levels. The cable keeps losses in the Asian session as traders continue to cheer upbeat US GDP and consumer confidence numbers released on Friday, boosting the US dollar amid renewed expectations of US interest rate-hike.
Moreover, traders prefer to hold the reserve currency ahead of a set of key UK economic releases kick-starting with Nationwide HPI m/m, followed by crucial manufacturing PMI reading.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5429 (5-DMA) above which gains could be extended to 1.5450 (100-DMA) levels. On the flip side, support is seen at 1.5385 below which it could extend losses to 1.5333 levels.