29 Apr 2015
GBP/USD rises to 1.5370
FXStreet (Mumbai) - The British Pound witnessed a fresh bid wave in the early European session, taking the GBP/USD pair to a high of 1.5370.
GBP defies weak data
The British Pound continues to move higher despite a slowdown in the first quarter economic growth showed by the data released in the previous session. The election uncertainty in the UK has also failed to trigger weakness in the pair. The rumors were doing the rounds on Tuesday about the sizeable middle eastern offers around 1.53.
However, a breach of the same could have triggered stops, thereby helping the pair continue its uptrend in the early European morning today.
GBP/USD Technical Levels
The immediate resistance is located at 1.5420, above which gains could be extended to 1.5493 (200-DMA). On the flip side, a break below 1.5343 could drive the pair lower to 1.5256 (5-DMA).
GBP defies weak data
The British Pound continues to move higher despite a slowdown in the first quarter economic growth showed by the data released in the previous session. The election uncertainty in the UK has also failed to trigger weakness in the pair. The rumors were doing the rounds on Tuesday about the sizeable middle eastern offers around 1.53.
However, a breach of the same could have triggered stops, thereby helping the pair continue its uptrend in the early European morning today.
GBP/USD Technical Levels
The immediate resistance is located at 1.5420, above which gains could be extended to 1.5493 (200-DMA). On the flip side, a break below 1.5343 could drive the pair lower to 1.5256 (5-DMA).