13 Feb 2015
GBP/USD retreats from fresh 6-week highs, back below 1.5400
FXStreet (Mumbai) - GBP/USD erased previous gains and edged below 1.5400 levels during the European session largely on US dollar weaknesses following tepid macro data.
GBP/USD declines from 1.5408 levels
The GBP/USD pair trades flat at 1.5385 levels, retreating from fresh six-week highs posted at 1.5419 levels earlier in the day. GBP/USD remained little changed as traders moved past Bank of England's (BoE) inflation report induced gains and now turned their attention towards another set of US data due later today for fresh directions on the pair. Moreover, generalized weakness in the US dollar also failed to lift the GBP/USD pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5420 above which gains could be extended to 1.5500 levels. On the flip side, support is seen at 1.5354 below which it could extend losses to sub 1.5300 levels.
GBP/USD declines from 1.5408 levels
The GBP/USD pair trades flat at 1.5385 levels, retreating from fresh six-week highs posted at 1.5419 levels earlier in the day. GBP/USD remained little changed as traders moved past Bank of England's (BoE) inflation report induced gains and now turned their attention towards another set of US data due later today for fresh directions on the pair. Moreover, generalized weakness in the US dollar also failed to lift the GBP/USD pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5420 above which gains could be extended to 1.5500 levels. On the flip side, support is seen at 1.5354 below which it could extend losses to sub 1.5300 levels.