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6 Feb 2015
GBP/USD falls to new lows ahead of UK data, holds above 1.5300
FXStreet (Mumbai) - GBP/USD turned in red, wiping out gains from the Asian session, as traders now focus on the upcoming UK trade balance due for release shortly.
Slides from 1.5340 levels
The GBP/USD pair fell to fresh session lows at 1.5309 down -0.11% on the day, having previously clocked day’s high at 1.5342 levels. GBP/USD dropped to session lows as traders now focus on trade balance data from the UK economy, which is expected to print a higher deficit than in the previous month.
Cable advanced in the Asian session after a neutral Bank of England (BoE) helped the pound to gain some bullish momentum, while markets were disappointed by sluggish US trade balance and jobs data.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5347 above which gains could be extended to 1.5400 levels. On the flip side, support is seen at 1.5300 below which it could extend losses to sub 1.5284 levels.
Slides from 1.5340 levels
The GBP/USD pair fell to fresh session lows at 1.5309 down -0.11% on the day, having previously clocked day’s high at 1.5342 levels. GBP/USD dropped to session lows as traders now focus on trade balance data from the UK economy, which is expected to print a higher deficit than in the previous month.
Cable advanced in the Asian session after a neutral Bank of England (BoE) helped the pound to gain some bullish momentum, while markets were disappointed by sluggish US trade balance and jobs data.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5347 above which gains could be extended to 1.5400 levels. On the flip side, support is seen at 1.5300 below which it could extend losses to sub 1.5284 levels.