12 Feb 2015
GBP/USD extends gains after US data
FXStreet (Córdoba) - Pound is among the best performers on Thursday, with GBP/USD climbing to a 6-week high and EUR/GBP hitting a fresh 7-year low, underpinned by a relatively hawkish BoE Quarterly Inflation Report.
GBP/USD broke above previous monthly highs around 1.5350 and extended gains to its highest level since Jan 2 at 1.5387 following a string of disappointing US data.
In the US data front, initial jobless claims rose more than expected by 25,000 to 304,000 in the week ending Feb 6, while retail sales fell by 0.8% in January, versus a drop of 0.5% expected.
GBP/USD levels to watch
At time of writing, Cable is trading at 1.5380, from 1.5355 pre data, where it records a 1.0% gain so far on the day. Immediate resistances are seen at 1.5400 (psychological level) and 1.5485 (Dec 24 low). On the other hand, supports could be found at 1.5351/48 (Feb 6 high/50-day SMA) and 1.5300 (psychological level).
GBP/USD broke above previous monthly highs around 1.5350 and extended gains to its highest level since Jan 2 at 1.5387 following a string of disappointing US data.
In the US data front, initial jobless claims rose more than expected by 25,000 to 304,000 in the week ending Feb 6, while retail sales fell by 0.8% in January, versus a drop of 0.5% expected.
GBP/USD levels to watch
At time of writing, Cable is trading at 1.5380, from 1.5355 pre data, where it records a 1.0% gain so far on the day. Immediate resistances are seen at 1.5400 (psychological level) and 1.5485 (Dec 24 low). On the other hand, supports could be found at 1.5351/48 (Feb 6 high/50-day SMA) and 1.5300 (psychological level).