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23 Feb 2015
GBP/USD hits a fresh 5-day low
FXStreet (Mumbai) - GBP/USD dived deeper in red and reached fresh five day lows during the European session amidst a broadly stronger US dollar ahead of Yellen's testimony and UK GDP due later in the week.
GBP/USD below hourly 200-SMA
The GBP/USD pair trades lower by -0.31% at 1.5348 levels, hitting fresh session lows at 1.5332 levels some time ago. GBP/USD remained unaffected by CBI realized sales which came in worse-than market expectations. The pair remains pressured on US dollar strength ahead of US Fed Yellen’s testimony with traders eyeing any hints that she would be in favour of dropping the guidance in March would in turn indicate a possibility of a June rate hike.
Also, in the week ahead, traders are likely to closely watch second estimate of UK GDP for further momentum on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5400 above which gains could be extended to 1.5466 levels. On the flip side, support is seen at 1.5325 below which it could extend losses to 1.5300 levels.
GBP/USD below hourly 200-SMA
The GBP/USD pair trades lower by -0.31% at 1.5348 levels, hitting fresh session lows at 1.5332 levels some time ago. GBP/USD remained unaffected by CBI realized sales which came in worse-than market expectations. The pair remains pressured on US dollar strength ahead of US Fed Yellen’s testimony with traders eyeing any hints that she would be in favour of dropping the guidance in March would in turn indicate a possibility of a June rate hike.
Also, in the week ahead, traders are likely to closely watch second estimate of UK GDP for further momentum on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5400 above which gains could be extended to 1.5466 levels. On the flip side, support is seen at 1.5325 below which it could extend losses to 1.5300 levels.