1 Dec 2014
GBP/USD extends recovery above 1.5700
FXStreet (Córdoba) - GBP/USD staged an impressive comeback and regained the 1.5700 mark following better-than-expected UK manufacturing PMI data also underpinned by broad dollar weakness.
Pound is trading in positive territory for the day, having rallied nearly 150 pips after hitting a fresh 1-year low during the Asian session, and reached a fresh high of 1.5731 in recent dealings. At time of writing, Cable is trading at 1.5720, recording a 0.49% loss on the day.
GBP/USD levels to watch
In terms of technical levels, if GBP/USD breaks above 1.5731 (daily high), next resistances are seen at 1.5758 (20-day SMA) and 1.5800 (psychological level). On the flip side, immediate supports could be found at 1.5695 (10-day SMA), 1.5613 (Nov 28 low) and 1.5584 (2014 low Dec 1).
Pound is trading in positive territory for the day, having rallied nearly 150 pips after hitting a fresh 1-year low during the Asian session, and reached a fresh high of 1.5731 in recent dealings. At time of writing, Cable is trading at 1.5720, recording a 0.49% loss on the day.
GBP/USD levels to watch
In terms of technical levels, if GBP/USD breaks above 1.5731 (daily high), next resistances are seen at 1.5758 (20-day SMA) and 1.5800 (psychological level). On the flip side, immediate supports could be found at 1.5695 (10-day SMA), 1.5613 (Nov 28 low) and 1.5584 (2014 low Dec 1).