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27 Feb 2015
GBP/USD hovers near fresh highs above 1.5400
FXStreet (Mumbai) - GBP/USD advanced gradually in the Asian session, snapping losses from the previous session as the US dollar took a breather from its recent rally induced by robust US macro data.
GBP/USD trade above 10-DMA placed at 1.5427 levels
The GBP/USD pair trades higher by 0.19% at 1.5434, close to fresh session highs of 1.5439 levels posted some minutes ago. The pound rebound versus the US dollar this morning after US dollar was sold-off across the board on a bout of profit-taking after the recent strength. Moreover, traders sought to lock-in gains in the greenback ahead of critical US GDP figures which could have major impacts on the reserve currency, which pushed the sterling higher.
The pair bounced-off eight week highs and fell below 1.54 handle in the previous session after the US dollar benefitted from impressive US economic data that supported the case for an ongoing shift in the Federal Reserve's (Fed) policy.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5456 (5-DMA) above which gains could be extended to 1.5474 levels. On the flip side, support is seen at 1.5400 below which it could extend losses to 1.5369 levels.
GBP/USD trade above 10-DMA placed at 1.5427 levels
The GBP/USD pair trades higher by 0.19% at 1.5434, close to fresh session highs of 1.5439 levels posted some minutes ago. The pound rebound versus the US dollar this morning after US dollar was sold-off across the board on a bout of profit-taking after the recent strength. Moreover, traders sought to lock-in gains in the greenback ahead of critical US GDP figures which could have major impacts on the reserve currency, which pushed the sterling higher.
The pair bounced-off eight week highs and fell below 1.54 handle in the previous session after the US dollar benefitted from impressive US economic data that supported the case for an ongoing shift in the Federal Reserve's (Fed) policy.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5456 (5-DMA) above which gains could be extended to 1.5474 levels. On the flip side, support is seen at 1.5400 below which it could extend losses to 1.5369 levels.