8 Jun 2015
GBP/USD rises above 1.53
FXStreet (Mumbai) - The US dollar erased gains in the early European session, thereby pushing the GBP/USD rose to a session high of 1.5303, after having clocked at low of 1.5251.
USD strength is a problem - Obama
The sell-off in the USD was triggered on reports that US President Barack Obama termed the strength in the US dollar as problematic. Consequently, the US dollar weakened across the board, pushing the GBP/USD pair above 1.53 levels.
The rise in the pair contradicts the domestic developments in the UK, which weighed over the British Pound earlier today.. The Confederation of British Industry revised the 2015 and 2016 GDP forecasts lower and cited EU referendum as a threat to economic growth.
Ahead in the day, neither the UK calendar nor US calendar offers first tier data releases. So the movement in the pair could be heavily influenced by market’s appetite for the US dollars.
GBP/USD Technical Levels
The pair currently trades at 1.53. The immediate support is seen at 1.5250, under which the losses could be extended to 1.5177 (100-DMA). On the other hand, resistance is seen at 1.5336, above which the pair could target 1.5363 (200-DMA).
USD strength is a problem - Obama
The sell-off in the USD was triggered on reports that US President Barack Obama termed the strength in the US dollar as problematic. Consequently, the US dollar weakened across the board, pushing the GBP/USD pair above 1.53 levels.
The rise in the pair contradicts the domestic developments in the UK, which weighed over the British Pound earlier today.. The Confederation of British Industry revised the 2015 and 2016 GDP forecasts lower and cited EU referendum as a threat to economic growth.
Ahead in the day, neither the UK calendar nor US calendar offers first tier data releases. So the movement in the pair could be heavily influenced by market’s appetite for the US dollars.
GBP/USD Technical Levels
The pair currently trades at 1.53. The immediate support is seen at 1.5250, under which the losses could be extended to 1.5177 (100-DMA). On the other hand, resistance is seen at 1.5336, above which the pair could target 1.5363 (200-DMA).