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7 Jan 2015
GBP/USD moves away from 18-Month Lows
FXStreet (Mumbai) - Cable trades flat in the late Asian session, retracing from the lowest levels since August 2013 hit in the previous session.
The GBP/USD pair trades flat at 1.5139 levels, moving away from fresh 18-month low of 1.5108 hit in the previous session. The pound extended its losing streak against the US dollar as traders digested a weaker UK services PMI reading, which eased more than anticipated. The bleak data reduced probabilities of Bank of England (BOE) raising interest rate this year, which pushed the sterling to August 2013 lows.
GBP/USD may continue its bearish tone in absence of economic releases from the UK, as traders await release of US Fed Meeting minutes later in the day.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5148 (Today’s High) above which gains could be extended to 1.5230 (5-DMA) levels. On the flip side, support is seen at 1.5108, below which it could extend losses to 1.50 levels.
The GBP/USD pair trades flat at 1.5139 levels, moving away from fresh 18-month low of 1.5108 hit in the previous session. The pound extended its losing streak against the US dollar as traders digested a weaker UK services PMI reading, which eased more than anticipated. The bleak data reduced probabilities of Bank of England (BOE) raising interest rate this year, which pushed the sterling to August 2013 lows.
GBP/USD may continue its bearish tone in absence of economic releases from the UK, as traders await release of US Fed Meeting minutes later in the day.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5148 (Today’s High) above which gains could be extended to 1.5230 (5-DMA) levels. On the flip side, support is seen at 1.5108, below which it could extend losses to 1.50 levels.