7 Apr 2015
GBP/USD back to square one
FXStreet (Mumbai) - The GBP/USD pair is back to trade at 1.49 after having set a session high at 1.4919 as the US dollar caught a fresh bid wave at the onset of the European session.
GBP/USD: drops hourly 50-MA
The pair failed to sustain gains and dropped below the hourly 50-MA located at 1.4905. However, the weakness in the pair contradicts the relative resilience in the UK 10-year Gilt yield seen today. The 10-year yield in the US is down 1.4 basis points (bps) to 1.888%, while the UK 10-year Gilt yield is largely unchanged at 1.589%.
The pair could continue to hover around 1.49 levels ahead of the data in the UK, which could show services PMI ticked higher to 57.00 in March from 56.7 in February.
GBP/USD Technical Levels
At the moment the pair is trading at 1.49. The immediate resistance is seen at 1.4905 (hourly 50-MA), above which gains could be extended to 1.4943. On the flip side, a break below 1.4878 could drive the pair lower to 1.4849 levels.
GBP/USD: drops hourly 50-MA
The pair failed to sustain gains and dropped below the hourly 50-MA located at 1.4905. However, the weakness in the pair contradicts the relative resilience in the UK 10-year Gilt yield seen today. The 10-year yield in the US is down 1.4 basis points (bps) to 1.888%, while the UK 10-year Gilt yield is largely unchanged at 1.589%.
The pair could continue to hover around 1.49 levels ahead of the data in the UK, which could show services PMI ticked higher to 57.00 in March from 56.7 in February.
GBP/USD Technical Levels
At the moment the pair is trading at 1.49. The immediate resistance is seen at 1.4905 (hourly 50-MA), above which gains could be extended to 1.4943. On the flip side, a break below 1.4878 could drive the pair lower to 1.4849 levels.