13 May 2015
GBP/USD hits fresh 5-month high
FXStreet (Córdoba) - GBP/USD pushed to fresh year-to-date highs as the dollar extends weakness across the board following another wave of selling triggered by US data.
The Bank of England published a relatively dovish Quarterly Inflation Report earlier on the day. However, US retail sales miss gave Cable a boost during the New York session. GBP/USD broke above 1.5750 and climbed to its highest level since December 2014 at 1.5768 in recent dealings.
GBP/USD technical levels
At time of writing, the pair is trading at 1.5740, recording a 0.47% gain on Wednesday, with immediate upside targets stand at 1.5785 (Dec high) and 1.5800 (psychological level). On the flip side, 1.5632 (daily low) and 1.5600 (psychological level) could act as support levels.
The Bank of England published a relatively dovish Quarterly Inflation Report earlier on the day. However, US retail sales miss gave Cable a boost during the New York session. GBP/USD broke above 1.5750 and climbed to its highest level since December 2014 at 1.5768 in recent dealings.
GBP/USD technical levels
At time of writing, the pair is trading at 1.5740, recording a 0.47% gain on Wednesday, with immediate upside targets stand at 1.5785 (Dec high) and 1.5800 (psychological level). On the flip side, 1.5632 (daily low) and 1.5600 (psychological level) could act as support levels.