30 Apr 2015
GBP/USD back in red near 1.5420
FXStreet (Mumbai) - The British pound wiped out entire gains and switched into the negative territory against the US dollar in the mid-European session, with GBP/USD inching back towards 1.54 barrier, as the greenback stalled its sell-off and reversed half its slide versus the major competitors.
GBP/USD slips from 1.5470
The GBP/USD pair trades -0.13% lower at 1.5417, heading towards 1.5402 lows. The GBP/USD pair surrendered previous gains and fell back in red as the traders unwound their GBP longs after surging to fresh 3 month highs at 1.55 handle.
Moreover, the dollar index which measures the relative strength of the greenback against the basket of six major currencies, retreats from 94.48 lows and now trades at 95, down -0.30% on the day, also dragged the cable lower.
Meanwhile, markets now await a slew of US economic release in absence of no GBP data for release today. While traders eagerly await UK manufacturing PMI reading due to be reported tomorrow.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5500 above which gains could be extended to 1.5553 (Feb 26 High) levels. On the flip side, support is seen at 1.5402 (Today’s Low) below which it could extend losses to 1.5381 levels.
GBP/USD slips from 1.5470
The GBP/USD pair trades -0.13% lower at 1.5417, heading towards 1.5402 lows. The GBP/USD pair surrendered previous gains and fell back in red as the traders unwound their GBP longs after surging to fresh 3 month highs at 1.55 handle.
Moreover, the dollar index which measures the relative strength of the greenback against the basket of six major currencies, retreats from 94.48 lows and now trades at 95, down -0.30% on the day, also dragged the cable lower.
Meanwhile, markets now await a slew of US economic release in absence of no GBP data for release today. While traders eagerly await UK manufacturing PMI reading due to be reported tomorrow.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5500 above which gains could be extended to 1.5553 (Feb 26 High) levels. On the flip side, support is seen at 1.5402 (Today’s Low) below which it could extend losses to 1.5381 levels.