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Trading news
23 Apr 2015
GBP/USD back above to 1.5
FXStreet (Mumbai) - The GBP/USD pair ran into fresh bids around the post-retail sales low of 1.495, which helped the pair recover to 1.5 levels.
GBP supported by drop in public sector borrowing
The British Pound was sold immediately after the Office for National Statistics figures showed retail sales growth in March slowed to 4.2% year-on-year. However, a fresh demand for Pounds emerged around 1.4960 as markets focused on other data, which showed Government borrowing fell to EUR 7.4 billion in March, figures show, taking the total for the financial year to EUR 87.3bn. The March's borrowing figure was down 5.6% from a year earlier.
At the moment, the pair is trading at 1.5 levels. Ahead in the data, the investors will watch out for the weekly jobless claims report in the US and the New Home sales figure.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5057, above which gains could be extended to 1.51 (100-DMA). On the flip side, a break below 1.4967 (5-DMA), could drive the pair lower to 1.4898 (10-DMA).
GBP supported by drop in public sector borrowing
The British Pound was sold immediately after the Office for National Statistics figures showed retail sales growth in March slowed to 4.2% year-on-year. However, a fresh demand for Pounds emerged around 1.4960 as markets focused on other data, which showed Government borrowing fell to EUR 7.4 billion in March, figures show, taking the total for the financial year to EUR 87.3bn. The March's borrowing figure was down 5.6% from a year earlier.
At the moment, the pair is trading at 1.5 levels. Ahead in the data, the investors will watch out for the weekly jobless claims report in the US and the New Home sales figure.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5057, above which gains could be extended to 1.51 (100-DMA). On the flip side, a break below 1.4967 (5-DMA), could drive the pair lower to 1.4898 (10-DMA).