24 Mar 2015
GBP/USD falls to 1.49
FXStreet (Mumbai) - The GBP/USD weakened to trade near 1.49 levels as the fall in the cost of living showed by the official CPI data released today in the UK continues to weigh over the Pound.
GBP/USD: losses capped as Gilt yields recover
So far, the pair has managed to sustain above 1.49 levels despite the fall in the UK headline inflation figure as well as core inflation figure mainly because the gilt yields recovered from the session lows. The 10-year yield recovered from the low of 1.479% to 1.503%. Meanwhile, the 10-year yield in the US has weakened to 1.9065 from the high of 1.925%. Consequently, the pair has managed to restrict losses near 1.49 levels.
GBP/USD Technical Levels
The immediate support is seen at 1.49 (5-DMA), under which losses could be extended to 1.4852. On the flip side, a rise above 1.4964 could open doors for a test 1.5 levels.
GBP/USD: losses capped as Gilt yields recover
So far, the pair has managed to sustain above 1.49 levels despite the fall in the UK headline inflation figure as well as core inflation figure mainly because the gilt yields recovered from the session lows. The 10-year yield recovered from the low of 1.479% to 1.503%. Meanwhile, the 10-year yield in the US has weakened to 1.9065 from the high of 1.925%. Consequently, the pair has managed to restrict losses near 1.49 levels.
GBP/USD Technical Levels
The immediate support is seen at 1.49 (5-DMA), under which losses could be extended to 1.4852. On the flip side, a rise above 1.4964 could open doors for a test 1.5 levels.