28 Apr 2015
GBP/USD flattish around 1.5235, UK data eyed
FXStreet (Mumbai) - The British pound continues to trade in a flat line versus its US counterpart in the early European trades, with GBP/USD keeping the overnight range, as traders remain cautious ahead of the crucial UK Q1 2015 GDP data due to be released later in the session, while the greenback remains broadly muted, correcting previous losses.
GBP/USD supported at 1.5220
The GBP/USD pair trades almost unchanged at 1.5234, locked in a slim range between 1.5238 – 1.5219 levels. The GBP/USD pair extends its side trend in to the European morning, as traders prefer to remain on the side lines before the release of the key UK growth numbers which may have major impacts on the major.
UK prelim GDP print is expected to show the UK economic performance slowed modestly at the start of this year, with first quarter growth to slow to 2.6% from 3% in the UK.
GBP/USD rebounded sharply from its daily lows just of 1.51 barrier and swung back near one month highs above 1.52 handle amid weak US data which added to the recent bearish US dollar sentiment.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5257 (March 6 High) above which gains could be extended to 1.5270 (March 5 High) levels. On the flip side, support is seen at 1.5200 below which it could extend losses to 1.5169 (April 26 Low) levels.
GBP/USD supported at 1.5220
The GBP/USD pair trades almost unchanged at 1.5234, locked in a slim range between 1.5238 – 1.5219 levels. The GBP/USD pair extends its side trend in to the European morning, as traders prefer to remain on the side lines before the release of the key UK growth numbers which may have major impacts on the major.
UK prelim GDP print is expected to show the UK economic performance slowed modestly at the start of this year, with first quarter growth to slow to 2.6% from 3% in the UK.
GBP/USD rebounded sharply from its daily lows just of 1.51 barrier and swung back near one month highs above 1.52 handle amid weak US data which added to the recent bearish US dollar sentiment.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5257 (March 6 High) above which gains could be extended to 1.5270 (March 5 High) levels. On the flip side, support is seen at 1.5200 below which it could extend losses to 1.5169 (April 26 Low) levels.