25 Mar 2015
GBP/USD: Will it sustain above 1.49?
FXStreet (Mumbai) - The GBP/USD pair extended gains to a session high of 1.4916 amid a thin European data docket. The British Pound was buoyed by a risk-on mood at the start of the European session.
GBP/USD: What next?
The pair is hovering just above 1.49 levels ahead of the US Durable goods report. The risk-on mood has seen unwinding of dollar long positions in the European session. However, the greenback could catch a bid wave in case the Durable goods reports beats the expectations. In such a case, the British Pound is likely to be worst hit due to UK election uncertainty and falling inflation in the UK. In such a case, we could see the GBP/USD pair back to 1.4850.
On the other hand, a disappointing US durable goods data could see the pair rise over and above 1.49 levels.
GBP/USD Technical Levels
The rise above 1.4912 (5-DMA) could see the pair re-test 1.4982 levels. On the flip side, a break below 1.4890 could push the pair down to 1.4850 levels.
GBP/USD: What next?
The pair is hovering just above 1.49 levels ahead of the US Durable goods report. The risk-on mood has seen unwinding of dollar long positions in the European session. However, the greenback could catch a bid wave in case the Durable goods reports beats the expectations. In such a case, the British Pound is likely to be worst hit due to UK election uncertainty and falling inflation in the UK. In such a case, we could see the GBP/USD pair back to 1.4850.
On the other hand, a disappointing US durable goods data could see the pair rise over and above 1.49 levels.
GBP/USD Technical Levels
The rise above 1.4912 (5-DMA) could see the pair re-test 1.4982 levels. On the flip side, a break below 1.4890 could push the pair down to 1.4850 levels.