9 Jun 2015
GBP/USD steadies around 1.53, trades above 50-DMA
FXStreet (Mumbai) - The GBP/USD pair has steadied itself just above 1.53 handle as the Pound continues to outperform other majors against the USD on the back of a larger than expected squeeze in the UK trade deficit in April.
Trades above 50-DMA
The pair currently trades above its 50-DMA located at 1.5296. The recovery in the pair seems to have halted in the band of 1.5296-1.5305 as the bid tone on the USD stays largely intact amid a sell-off in the EUR/USD pair.
Ahead in the day, the US economic calendar does not offer any major first tier economic data releases. Consequently, broader market sentiment in the US dollars is likely to influence the GBP/USD pair for the rest of the day.
GBP/USD Technical Levels
The immediate support is seen at 1.5260, under which the pair could take a dip to 1.5200 levels. On the other hand, a break above 1.5336 could see the pair re-test 1.5360 (200-MA).
Trades above 50-DMA
The pair currently trades above its 50-DMA located at 1.5296. The recovery in the pair seems to have halted in the band of 1.5296-1.5305 as the bid tone on the USD stays largely intact amid a sell-off in the EUR/USD pair.
Ahead in the day, the US economic calendar does not offer any major first tier economic data releases. Consequently, broader market sentiment in the US dollars is likely to influence the GBP/USD pair for the rest of the day.
GBP/USD Technical Levels
The immediate support is seen at 1.5260, under which the pair could take a dip to 1.5200 levels. On the other hand, a break above 1.5336 could see the pair re-test 1.5360 (200-MA).