28 Apr 2015
GBP/USD recovers losses
FXStreet (Mumbai) - The GBP/USD recovered losses to trade at 1.5233 as the post-GDP weakness was utilized by the European desks to sell dollars ahead of the Federal Reserve policy statement due for release tomorrow.
GBP/USD – Bounces-off from key Fib support
The pair bounced back from the lows around 1.5173, which is the 61.8% Fib retracement of 1.5550-1.4564. The slowdown in the UK first quarter GDP rate to the lowest since Q4 2012 weighed over the British Pound, taking the GBP/USD pair lower to 1.5174 from the pre-data level of 1.5238.
However, the pair clawed back to 1.5233 as the USD ran into fresh offers due to expectations that the Federal Reserve would delay the interest rates to December 2015 or early 2016.
GBP/USD Technical Levels
The immediate resistance is located at 1.5260-1.5265, above which the gains could be extended to 1.5318 (76.4% Fib retracement of 1.5550-1.4564). On the flip side, a break below 1.5171 (5-DMA) could drive the pair lower to 1.51 levels.
GBP/USD – Bounces-off from key Fib support
The pair bounced back from the lows around 1.5173, which is the 61.8% Fib retracement of 1.5550-1.4564. The slowdown in the UK first quarter GDP rate to the lowest since Q4 2012 weighed over the British Pound, taking the GBP/USD pair lower to 1.5174 from the pre-data level of 1.5238.
However, the pair clawed back to 1.5233 as the USD ran into fresh offers due to expectations that the Federal Reserve would delay the interest rates to December 2015 or early 2016.
GBP/USD Technical Levels
The immediate resistance is located at 1.5260-1.5265, above which the gains could be extended to 1.5318 (76.4% Fib retracement of 1.5550-1.4564). On the flip side, a break below 1.5171 (5-DMA) could drive the pair lower to 1.51 levels.