26 Mar 2015
GBP/USD trims gains near 1.4935
FXStreet (Mumbai) - GBP/USD remains lifted ahead of the US open, as the pound continues to receive support from broad based US dollar weakness as traders moved past upbeat retail sales data and await US macro data for further cues.
GBP/USD supported 5-DMA
The GBP/USD pair trades higher at 1.4939, up 0.40% on the day, rebounding fresh weekly highs shy of 1.50 barrier. The cable trimmed gains and remains elevated largely on the back of persistent weakness in the US dollar against its major counterparts. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies is lower by -0.39% at 96.70 levels.
Earlier in the European morning, GBP/USD rallied to fresh weekly highs at 1.4994 levels after UK retail volumes data beat estimates. Retail sales eased from last month's 5.9% to 5.7% on a y/y basis in February, while core retail sales read 5.1% from 5.2% previously.
Meanwhile, traders now eye US economic releases due for release shortly for further momentum on the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.50 above which gains could be extended to 1.5027 levels. On the flip side, support is seen at 1.4913 (5-DMA) levels below which it could extend losses to 1.4872 levels.
GBP/USD supported 5-DMA
The GBP/USD pair trades higher at 1.4939, up 0.40% on the day, rebounding fresh weekly highs shy of 1.50 barrier. The cable trimmed gains and remains elevated largely on the back of persistent weakness in the US dollar against its major counterparts. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies is lower by -0.39% at 96.70 levels.
Earlier in the European morning, GBP/USD rallied to fresh weekly highs at 1.4994 levels after UK retail volumes data beat estimates. Retail sales eased from last month's 5.9% to 5.7% on a y/y basis in February, while core retail sales read 5.1% from 5.2% previously.
Meanwhile, traders now eye US economic releases due for release shortly for further momentum on the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.50 above which gains could be extended to 1.5027 levels. On the flip side, support is seen at 1.4913 (5-DMA) levels below which it could extend losses to 1.4872 levels.