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6 Feb 2015
GBP/USD supported above 1.5300, UK data in focus
FXStreet (Mumbai) - GBP/USD remains close to fresh monthly highs in the early European morning, extending its upward trajectory for the fourth consecutive day, as traders now focus on the upcoming UK trade balance data later this session.
On its way to 1.5400
The GBP/USD pair traded flat at 1.5334 levels, bouncing off day’s low posted at 1.5319 levels and headed towards fresh one-month highs reached at 1.5347 levels in the previous session. Cable extends gains 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.
Additionally, the GBP/USD pair remains supported by a series of solid UK macro data released during this week. Traders now turn their attention towards UK trade data and the US labour market report due later in the day for further momentum on the pair.
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.
On its way to 1.5400
The GBP/USD pair traded flat at 1.5334 levels, bouncing off day’s low posted at 1.5319 levels and headed towards fresh one-month highs reached at 1.5347 levels in the previous session. Cable extends gains 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.
Additionally, the GBP/USD pair remains supported by a series of solid UK macro data released during this week. Traders now turn their attention towards UK trade data and the US labour market report due later in the day for further momentum on the pair.
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.