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4 Mar 2015
GBP/USD weakens ahead of UK services PMI data
FXStreet (Mumbai) - The British Pound continues to weaken, taking the GBP/USD pair lower to 1.5340 ahead of the data in the UK, which could show services activity expanded in February. The pair failed to sustain at a high of 1.5370 before falling to 1.5340 levels.
Pound weakens as the US Treasury yields rise
The Pound continues to weaken, tracking the strength in the US Treasury yields ahead of the monthly jobs report on Friday. The 10-year yield in the US currently trades at 2.137%, up 1.4 basis points for the day. Meanwhile, investors await the services PMI for February, which is seen rising slightly to 57.5 from the previous figure of 57.2.
A weaker-than-expected services PMI report in the UK, could send the GBP/USD pair down to 1.5320 (38.2% Fib retracement of 1.4949-1.5550).
GBP/USD Technical Levels
At the moment, the pair is trading 0.10% lower at 1.5347. The immediate resistance is seen at 1.5381 (5-DMA), above which gains could be extended to 1.5408. On the flip side, a break below 1.5320 could open doors for 1.5267 levels.
Pound weakens as the US Treasury yields rise
The Pound continues to weaken, tracking the strength in the US Treasury yields ahead of the monthly jobs report on Friday. The 10-year yield in the US currently trades at 2.137%, up 1.4 basis points for the day. Meanwhile, investors await the services PMI for February, which is seen rising slightly to 57.5 from the previous figure of 57.2.
A weaker-than-expected services PMI report in the UK, could send the GBP/USD pair down to 1.5320 (38.2% Fib retracement of 1.4949-1.5550).
GBP/USD Technical Levels
At the moment, the pair is trading 0.10% lower at 1.5347. The immediate resistance is seen at 1.5381 (5-DMA), above which gains could be extended to 1.5408. On the flip side, a break below 1.5320 could open doors for 1.5267 levels.