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1 Apr 2015
GBP/USD extends beyond 1.4850, UK data eyed
FXStreet (Mumbai) - GBP/USD extended its recovery mode in to the European morning, largely on expectations of upbeat reading of UK PMI due later in the session while the US dollar continues its corrective slide.
GBP/USD capped by 10-DMA
The GBP/USD pair trades lower at 1.4855, 0.25% on the day, retreating from day’s highs posted at 1.4872 levels earlier in Asia. The cable remains well bid above 1.48 handle as the traders expect the UK manufacturing sector to have recovered in March.
Following the disappointing performance in the previous months, the UK manufacturing PMI is expected to show a reading of 54.5 in March. Due to weaker exports the sector slowed towards the end of 2014 and had a lack lustre start to 2015.
Moreover, the GBP/USD pair also holds gains on broad based US dollar weakness as traders took to profit-booking on their USD longs after the recent rally on impressive set of US data.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4872 (Today’s High) above which gains could be extended to 1.4900 levels. On the flip side, support is seen at 1.4820 (Today’s Low) levels below which it could extend losses to 1.4794 (March 26 Low) levels.
GBP/USD capped by 10-DMA
The GBP/USD pair trades lower at 1.4855, 0.25% on the day, retreating from day’s highs posted at 1.4872 levels earlier in Asia. The cable remains well bid above 1.48 handle as the traders expect the UK manufacturing sector to have recovered in March.
Following the disappointing performance in the previous months, the UK manufacturing PMI is expected to show a reading of 54.5 in March. Due to weaker exports the sector slowed towards the end of 2014 and had a lack lustre start to 2015.
Moreover, the GBP/USD pair also holds gains on broad based US dollar weakness as traders took to profit-booking on their USD longs after the recent rally on impressive set of US data.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4872 (Today’s High) above which gains could be extended to 1.4900 levels. On the flip side, support is seen at 1.4820 (Today’s Low) levels below which it could extend losses to 1.4794 (March 26 Low) levels.