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21 Apr 2015
GBP/USD recovers to 1.4890
FXStreet (Mumbai) - The USD ran into fresh offers ahead of the US session, thereby helping the GBP/USD pair recover from the low of 1.4858 to trade at 1.4590 levels.
Bounced-off from fib support
The pair managed to sustain above and recover losses from the 38.2% Fib retracement of 1.4564-1.5051 located at 1.4865 levels. Earlier today, the pair came under selling pressure amid the absence of a major fundamental trigger. Moreover, the pair mimicked the move in the EUR/USD pair, which weakened on Greek issues.
The investors now await the Bank of England monetary policy minutes due for release tomorrow. No major US fundamental data is due for release today, thus, the correlation with the EUR/USD pair could remain intact ahead of tomorrow’s BOE minutes.
GBP/USD Technical Levels
The immediate resistance is located at 1.4930 (5-DMA), above which gains could be extended to 1.4972 (50-DMA). On the flip side, a break below 1.4865 could drive the pair lower to 1.4808.
Bounced-off from fib support
The pair managed to sustain above and recover losses from the 38.2% Fib retracement of 1.4564-1.5051 located at 1.4865 levels. Earlier today, the pair came under selling pressure amid the absence of a major fundamental trigger. Moreover, the pair mimicked the move in the EUR/USD pair, which weakened on Greek issues.
The investors now await the Bank of England monetary policy minutes due for release tomorrow. No major US fundamental data is due for release today, thus, the correlation with the EUR/USD pair could remain intact ahead of tomorrow’s BOE minutes.
GBP/USD Technical Levels
The immediate resistance is located at 1.4930 (5-DMA), above which gains could be extended to 1.4972 (50-DMA). On the flip side, a break below 1.4865 could drive the pair lower to 1.4808.