27 Jan 2015
GBP/USD back below 1.5100, UK GDP eyed
FXStreet (Mumbai) - Cable steadied below 1.5100 levels awaiting clear direction from the upcoming preliminary estimate of UK GDP for the fourth quarter due for release shortly.
The GBP/USD pair traded at 1.5092 levels, marginally higher by 0.12% on the day, having previously posted fresh one week highs at 1.5115 and day’s low at 1.5073 levels. The pound is seen higher versus the US dollar and as traders now shift their attention towards the much await UK GDP numbers which may show that the UK economy may have cooled off slightly. UK 2014 fourth quarter GDP is expected to have slowed from 0.7% in the third quarter, down to 0.6% in the final three months of 2014.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5128 (20-DMA) above which gains could be extended to 1.5088 (10-DMA). On the flip side, support is seen at 1.5073 (Today’s Low) below which it could extend losses to sub 1.5036 (5-DMA) levels.
The GBP/USD pair traded at 1.5092 levels, marginally higher by 0.12% on the day, having previously posted fresh one week highs at 1.5115 and day’s low at 1.5073 levels. The pound is seen higher versus the US dollar and as traders now shift their attention towards the much await UK GDP numbers which may show that the UK economy may have cooled off slightly. UK 2014 fourth quarter GDP is expected to have slowed from 0.7% in the third quarter, down to 0.6% in the final three months of 2014.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5128 (20-DMA) above which gains could be extended to 1.5088 (10-DMA). On the flip side, support is seen at 1.5073 (Today’s Low) below which it could extend losses to sub 1.5036 (5-DMA) levels.