6 May 2015
GBP/USD: Rebound stalls near 10-DMA
FXStreet (Mumbai) - The GBP/USD rebounded from the low of 1.5149 on the back of an upbeat UK services PMI report, although the gains are once again being capped at its 10-DMA located at 1.5233.
Pound ignores election uncertainty
The Pound was bid higher a day ahead of the general election in the UK as investors chose to focus on the better-than-expected services PMI report. Most of the Pundits were expecting the British Pound to weaken ahead of elections. Moreover, the pair had dipped sharply in the run up to elections back in 2010.
However, the pair did not emulate its pre-2010 election move despite the 2015 elections being one of the most unpredictable for the markets. The pair currently trades at 1.5230, with investors awaiting the US ADP jobs report for April in a few minutes.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5233 (10-DMA), above which gains could be extended to 1.5272. On the flip side, a break below 1.52 could drive the pair back to 1.5136 levels.
Pound ignores election uncertainty
The Pound was bid higher a day ahead of the general election in the UK as investors chose to focus on the better-than-expected services PMI report. Most of the Pundits were expecting the British Pound to weaken ahead of elections. Moreover, the pair had dipped sharply in the run up to elections back in 2010.
However, the pair did not emulate its pre-2010 election move despite the 2015 elections being one of the most unpredictable for the markets. The pair currently trades at 1.5230, with investors awaiting the US ADP jobs report for April in a few minutes.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5233 (10-DMA), above which gains could be extended to 1.5272. On the flip side, a break below 1.52 could drive the pair back to 1.5136 levels.