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20 Apr 2015
GBP/USD rejected by 50-DMA
FXStreet (Mumbai) - The GBP/USD pair faced rejection at its 50-DMA located at 1.4982 levels earlier today, after having failed to sustain above 1.5 levels on Friday.
Prospects of low volatility
Traders will look to upcoming Bank of England Monetary (BOE) Policy Committee minutes to drive moves in UK interest rates. Meanwhile, a relatively empty US economic calendar suggests broader market volatility may slow today. The UK election uncertainty could weigh over the British Pound.
The pair gained almost 500 pips in the last week, although it failed once again to sustain gains above 1.5 levels. The uptick in the US core inflation helped the USD make a comeback on Friday.
GBP/USD Technical Levels
The immediate support is located at 1.4937, under which losses could be extended to 1.4680. On the flip side, a break above 1.4982 (50-DMA), above which gains could be extended to 1.5051.
Prospects of low volatility
Traders will look to upcoming Bank of England Monetary (BOE) Policy Committee minutes to drive moves in UK interest rates. Meanwhile, a relatively empty US economic calendar suggests broader market volatility may slow today. The UK election uncertainty could weigh over the British Pound.
The pair gained almost 500 pips in the last week, although it failed once again to sustain gains above 1.5 levels. The uptick in the US core inflation helped the USD make a comeback on Friday.
GBP/USD Technical Levels
The immediate support is located at 1.4937, under which losses could be extended to 1.4680. On the flip side, a break above 1.4982 (50-DMA), above which gains could be extended to 1.5051.