29 Apr 2015
GBP/USD trims gains, returns to 1.5350
FXStreet (Mumbai) - The British pound snapped its upsurge and shaved-off most gains against the US dollar in the European session, with GBP/USD back near 1.5350 levels, largely on the back of a halt in the US dollar downslide with traders preferring to be on the sidelines ahead of the much awaited US GDP figures and the Fed statement.
GBP/USD drops from 1.5380
The GBP/USD pair trades 0.13% higher at 1.5356, retreating from fresh one month highs at 1.5406 levels reached couple of hours ago. The GBP/USD pair fell back on the 1.53 handle as the US dollar paused its descent and recovered most losses versus its major competitors with rising treasury yields lending a helping hand to the greenback.
Meanwhile, markets now focus towards US Q1 2015 GDP data and FOMC statement due later in the session which is likely to create some volatility for the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.54 above which gains could be extended to 1.5445 (March 2 High) levels. On the flip side, support is seen at 1.5328 (Today’s Low) below which it could extend losses to 1.5300 levels.
GBP/USD drops from 1.5380
The GBP/USD pair trades 0.13% higher at 1.5356, retreating from fresh one month highs at 1.5406 levels reached couple of hours ago. The GBP/USD pair fell back on the 1.53 handle as the US dollar paused its descent and recovered most losses versus its major competitors with rising treasury yields lending a helping hand to the greenback.
Meanwhile, markets now focus towards US Q1 2015 GDP data and FOMC statement due later in the session which is likely to create some volatility for the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.54 above which gains could be extended to 1.5445 (March 2 High) levels. On the flip side, support is seen at 1.5328 (Today’s Low) below which it could extend losses to 1.5300 levels.