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6 May 2015
GBP/USD flattish circa 1.5175
FXStreet (Mumbai) - The British pound erased losses and recovered from lows against the US dollar in the mid-European session, with GBP/USD trading almost unchanged after upbeat PMIs as markets await fresh incentives from the upcoming US employment data and Fed Yellen’s speech. While UK elections tomorrow remains in the spotlight this week.
GBP/USD rises from 1.5150
The GBP/USD pair trades flat at 1.5176, recovering from fresh session lows at 1.5150. The cable trades muted searching for fresh direction, albeit wiped out losses after services PMI from the UK beat estimates in April.
The UK services PMI ticked up to 59.5 in April, from the 58.9 booked in March, while it was expected to inch down to 58.5.
Moreover, subdued US dollar against its major competitors also keeps the GBP supported. the dollar index which measures the relative strength of the greenback against the basket of six major currencies, trades at 95.07, down -0.21% on the day.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5200 (Today’s High) above which gains could be extended to 1.5241 (Today’s High) levels. On the flip side, support is seen at 1.5150 below which it could extend losses to 1.5112 (May 1 Low) levels.
GBP/USD rises from 1.5150
The GBP/USD pair trades flat at 1.5176, recovering from fresh session lows at 1.5150. The cable trades muted searching for fresh direction, albeit wiped out losses after services PMI from the UK beat estimates in April.
The UK services PMI ticked up to 59.5 in April, from the 58.9 booked in March, while it was expected to inch down to 58.5.
Moreover, subdued US dollar against its major competitors also keeps the GBP supported. the dollar index which measures the relative strength of the greenback against the basket of six major currencies, trades at 95.07, down -0.21% on the day.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5200 (Today’s High) above which gains could be extended to 1.5241 (Today’s High) levels. On the flip side, support is seen at 1.5150 below which it could extend losses to 1.5112 (May 1 Low) levels.