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10 Dec 2014
GBP/USD tests 1.57 handle
FXStreet (Mumbai) - The British Pound rose against the Greenback today ahead of the UK Balance of trade data which is likely to show the trade deficit declined in October.
GBP/USD traded 0.22% higher at 1.5701 levels at the time of writing, compared to the previous session’s close of 1.5671. The Cable managed to gain yesterday on the back of a broad based weakness in the US dollar. Moreover, the Pound strengthened despite of a slowdown in the industrial activity in the UK.
The Cable may extend gains today if the UK trade deficit in October declines more than the market expectation of GBP 2400 million. Meanwhile, the weakness in the US treasury yields shall continue to support the pair.
GBP/USD Technical levels
The immediate resistance is seen at 1.5720 levels, above which the pair faces another stiff resistance at 1.5765 levels. Meanwhile, support is seen at 1.5662 and 1.5620 levels.
GBP/USD traded 0.22% higher at 1.5701 levels at the time of writing, compared to the previous session’s close of 1.5671. The Cable managed to gain yesterday on the back of a broad based weakness in the US dollar. Moreover, the Pound strengthened despite of a slowdown in the industrial activity in the UK.
The Cable may extend gains today if the UK trade deficit in October declines more than the market expectation of GBP 2400 million. Meanwhile, the weakness in the US treasury yields shall continue to support the pair.
GBP/USD Technical levels
The immediate resistance is seen at 1.5720 levels, above which the pair faces another stiff resistance at 1.5765 levels. Meanwhile, support is seen at 1.5662 and 1.5620 levels.