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15 Apr 2015
GBP/USD flat lining near 1.4770
FXStreet (Edinburgh) -The sterling is navigating a tight range on Wednesday, with GBP/USD trading on the defensive side in the 1.4770 area.
GBP/USD lower on risk-off sentiment
The US dollar is recovering its shine during the European morning today, prompting riskier assets to give away part of yesterday’s gains following the poor results in the US docket.
Today’s release of the Chinese GDP figures at 7.0% for the first quarter matched expectations, although the results were eclipsed by both Industrial Production and Retail Sales coming in below consensus, sparking a bout of risk-off trade.
GBP/USD levels to watch
As of writing the pair is down 0.07% at 1.4770 with the immediate support at 1.4726 (38.2% of 1.4604-1.4802) followed by 1.4694 (100-h MA) and finally 1.4604 (low Apr.14). On the upside, a breakout of 1.4791 (200h-MA) would aim for 1.4802 (high Apr.14) and then 1.4886 (high Apr.9).
GBP/USD lower on risk-off sentiment
The US dollar is recovering its shine during the European morning today, prompting riskier assets to give away part of yesterday’s gains following the poor results in the US docket.
Today’s release of the Chinese GDP figures at 7.0% for the first quarter matched expectations, although the results were eclipsed by both Industrial Production and Retail Sales coming in below consensus, sparking a bout of risk-off trade.
GBP/USD levels to watch
As of writing the pair is down 0.07% at 1.4770 with the immediate support at 1.4726 (38.2% of 1.4604-1.4802) followed by 1.4694 (100-h MA) and finally 1.4604 (low Apr.14). On the upside, a breakout of 1.4791 (200h-MA) would aim for 1.4802 (high Apr.14) and then 1.4886 (high Apr.9).