28 Apr 2015
GBP/USD rises to 1.53 levels
FXStreet (Mumbai) - The British Pound continues to rise, taking the GBP/USD pair to 1.543 levels despite of a weaker-than-expected UK first quarter GDP data release.
Will it extend gains above 1.53?
The pair has gained more than 700-pips from the low of 1.4564 seen on 1.4564 in mid-April despite repeated bearish calls from analysts and bankers due to the election uncertainty in the UK. The latest uptick from 1.5174 to 1.53 seen today contradicted the slowdown in the UK growth rate highlighted the first quarter GDP data.
It remains to be seen if the pair manages to extend the rally over and above 1.53 levels. The rumors of sizeable offers at 1.53 by the middle eastern traders are doing the rounds. Given the 700-pip rally the pair could also witness a technical correction.
GBP/USD Technical Levels
The immediate resistance is located at 1.5318, above which gains could be extended to 1.54 levels. On the flip side, a break below 1.5260-1.5265 could push the pair back to 1.5228 levels.
Will it extend gains above 1.53?
The pair has gained more than 700-pips from the low of 1.4564 seen on 1.4564 in mid-April despite repeated bearish calls from analysts and bankers due to the election uncertainty in the UK. The latest uptick from 1.5174 to 1.53 seen today contradicted the slowdown in the UK growth rate highlighted the first quarter GDP data.
It remains to be seen if the pair manages to extend the rally over and above 1.53 levels. The rumors of sizeable offers at 1.53 by the middle eastern traders are doing the rounds. Given the 700-pip rally the pair could also witness a technical correction.
GBP/USD Technical Levels
The immediate resistance is located at 1.5318, above which gains could be extended to 1.54 levels. On the flip side, a break below 1.5260-1.5265 could push the pair back to 1.5228 levels.