Back
2 Apr 2015
GBP/USD extends gains to trade above 1.4850
FXStreet (Mumbai) - The USD is being offered in the European session, which pushed the GBP/USD pair above 1.4850 levels.
Trades above 23.6% Fib level
The pair rose above 1.4849, which is the 23.6% Fib retracement of 1.5550-1.4633, after having bounced from the support at 1.4819 (61.8% Fib of 1.4633-1.5122). At the moment, the pair is trading at its 10-DMA located at 1.4860.
The UK construction PMI for March due for release at 8.30 GMT could influence the GBP/USD pair. Election uncertainty in the UK is also likely to play its part.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4878, above which gains could be extended to 1.4935. On the flip side, a break below 1.4819 could drive the pair lower to 1.4749.
Trades above 23.6% Fib level
The pair rose above 1.4849, which is the 23.6% Fib retracement of 1.5550-1.4633, after having bounced from the support at 1.4819 (61.8% Fib of 1.4633-1.5122). At the moment, the pair is trading at its 10-DMA located at 1.4860.
The UK construction PMI for March due for release at 8.30 GMT could influence the GBP/USD pair. Election uncertainty in the UK is also likely to play its part.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4878, above which gains could be extended to 1.4935. On the flip side, a break below 1.4819 could drive the pair lower to 1.4749.