6 Jan 2015
GBP/USD steadies above 1.5250 levels
FXStreet (Mumbai) - Cable trades steady in a very choppy Asian session, pulling away from fresh 17-month lows reached in the previous session.
The GBP/USD pair trades modestly flat at 1.5258 levels, close to intraday low of 1.5255 levels hit earlier in the session. The sterling extended its fall against the US dollar yesterday after the construction survey pointed to worsening conditions in the sector in December, which dampened the prospects for a Bank of England (BoE) interest rate hike this year.
GBP/USD still maintains a bearish tone on a daily time frame, but with hugely oversold conditions, a retest of 1.53 levels and break above 5-DMA which is placed at 1.5334 levels may not be ruled out.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5274 (Today’s High) above which gains could be extended to 1.5334 (5-DMA) levels. On the flip side, support is seen at 1.52 levels, below which it could extend losses to 1.5167 (Jan 5 Low) levels.
The GBP/USD pair trades modestly flat at 1.5258 levels, close to intraday low of 1.5255 levels hit earlier in the session. The sterling extended its fall against the US dollar yesterday after the construction survey pointed to worsening conditions in the sector in December, which dampened the prospects for a Bank of England (BoE) interest rate hike this year.
GBP/USD still maintains a bearish tone on a daily time frame, but with hugely oversold conditions, a retest of 1.53 levels and break above 5-DMA which is placed at 1.5334 levels may not be ruled out.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5274 (Today’s High) above which gains could be extended to 1.5334 (5-DMA) levels. On the flip side, support is seen at 1.52 levels, below which it could extend losses to 1.5167 (Jan 5 Low) levels.