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29 May 2015
GBP/USD in red below 1.5300
FXStreet (Mumbai) - The pound accelerates losses versus the American dollar amid a data-dry GBP calendar, now pushing GBP/USD further below 1.53 handle. The major keeps losses despite a broadly muted US dollar as most traders wind up their positions towards the month end ahead of the key US GDP data release.
GBP/USD back below 1.5300
The GBP/USD pair -0.15% at 1.5295, retreating from 1.5274 session lows. The cable recovered from lows and remains pressured as traders continue to weigh weaker than expected UK GDP print released on Thursday. Moreover, traders prefer to close-in their profitable positions at the end of the month.
The economy grew 0.3% in Q1 as against Q4 2014 the report confirmed an earlier estimate, as weak services and a bigger trade gap curbed momentum.
Later in the day, markets will focus on the US GDP revision which is expected to show a steep 0.9% contraction in output. While consumer sentiment and Chicago PMI data also will be closely watched.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5343 (Today’s High) above which gains could be extended to 1.5400 levels. On the flip side, support is seen at 1.5259 (May 28 Low) below which it could extend losses to 1.5200 levels.
GBP/USD back below 1.5300
The GBP/USD pair -0.15% at 1.5295, retreating from 1.5274 session lows. The cable recovered from lows and remains pressured as traders continue to weigh weaker than expected UK GDP print released on Thursday. Moreover, traders prefer to close-in their profitable positions at the end of the month.
The economy grew 0.3% in Q1 as against Q4 2014 the report confirmed an earlier estimate, as weak services and a bigger trade gap curbed momentum.
Later in the day, markets will focus on the US GDP revision which is expected to show a steep 0.9% contraction in output. While consumer sentiment and Chicago PMI data also will be closely watched.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5343 (Today’s High) above which gains could be extended to 1.5400 levels. On the flip side, support is seen at 1.5259 (May 28 Low) below which it could extend losses to 1.5200 levels.