7 Sep 2015
GBP/USD extends correction beyond 1.5250
FXStreet (Mumbai) - The GBP bulls manage to regain control and now push GBP/USD further away from the four-month lows as the greenback erased gains and turned negative against its major counterparts in the data-light European session.
GBP/USD firmer amid a data-light session
The GBP/USD pair trades 0.55% higher at fresh session highs of 1.5254, now heading towards 1.53 handle. The bid tone around the GBP/USD pair now grew sharply bigger as the cooling-off European stocks after the early spike resulted in waning risk-sentiment, sending US dollar lower across the board.
Moreover, the cable jolted higher this session on the back of correction after the British pound was hammered to fresh four-month lows of 1.5160 versus the US dollar following a better US jobs report coupled with a series of weak PMI reports from the UK.
Markets now turn their attention towards the latter half of the week especially the ‘Super Thursday’ for further cues on the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5275 (Sept 4 High) above which gains could be extended to 1.5315 (Sept 3 High) levels. On the flip side, support is seen at 1.5172 (Today’s Low) below which it could extend losses to 1.5160 (Sept 4 Low) levels.
GBP/USD firmer amid a data-light session
The GBP/USD pair trades 0.55% higher at fresh session highs of 1.5254, now heading towards 1.53 handle. The bid tone around the GBP/USD pair now grew sharply bigger as the cooling-off European stocks after the early spike resulted in waning risk-sentiment, sending US dollar lower across the board.
Moreover, the cable jolted higher this session on the back of correction after the British pound was hammered to fresh four-month lows of 1.5160 versus the US dollar following a better US jobs report coupled with a series of weak PMI reports from the UK.
Markets now turn their attention towards the latter half of the week especially the ‘Super Thursday’ for further cues on the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5275 (Sept 4 High) above which gains could be extended to 1.5315 (Sept 3 High) levels. On the flip side, support is seen at 1.5172 (Today’s Low) below which it could extend losses to 1.5160 (Sept 4 Low) levels.