26 May 2015
GBP/USD flirting with 1.54
FXStreet (Mumbai) - The British pound trimmed losses versus the American dollar in the European session, with GBP/USD recovering slightly from fresh three week lows, mainly on the back of upbeat UK’s realized sales numbers as reflected by the CBI’s latest quarterly Distributive Trades Survey. While a pause in the USD rally also added to the minor recovery seen in the major.
GBP/USD recovers from 1.5384
The GBP/USD pair trades -0.47% at 1.5400, bouncing-off fresh three week lows of 1.5384 levels. The cable took a breather in its downslide and is seen struggling around 1.54 barrier after the release of CBI realized sales data from the UK which lifted sentiments around the GBP.
Growth in retail sales volumes picked up strongly in the year to May and expectations for next month are at their highest for 27 years, according to the CBI’s latest quarterly Distributive Trades Survey.
Moreover, a retreat in the US dollar across the board from its monthly highs also lent a helping hand to the GBP/USD pair.
Meanwhile, markets now turn their attention towards the NA Session is likely to bring the main market mover in US durable goods orders later today.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5471 (Today’s High) above which gains could be extended to 1.5500 levels. On the flip side, support is seen at 1.5384 (Today’s Low) below which it could extend losses to 1.5325 (April 29 Low) levels.
GBP/USD recovers from 1.5384
The GBP/USD pair trades -0.47% at 1.5400, bouncing-off fresh three week lows of 1.5384 levels. The cable took a breather in its downslide and is seen struggling around 1.54 barrier after the release of CBI realized sales data from the UK which lifted sentiments around the GBP.
Growth in retail sales volumes picked up strongly in the year to May and expectations for next month are at their highest for 27 years, according to the CBI’s latest quarterly Distributive Trades Survey.
Moreover, a retreat in the US dollar across the board from its monthly highs also lent a helping hand to the GBP/USD pair.
Meanwhile, markets now turn their attention towards the NA Session is likely to bring the main market mover in US durable goods orders later today.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5471 (Today’s High) above which gains could be extended to 1.5500 levels. On the flip side, support is seen at 1.5384 (Today’s Low) below which it could extend losses to 1.5325 (April 29 Low) levels.