Wednesday, September 9, 2015

GBP/USD: Off-lows, but bulls wait on the sidelines

FXStreet (Mumbai) - The GBP/USD pair recovered from the low of 1.5368, but trades moderately weak as the bulls prefer to remain on the sidelines ahead of the UK data.

Risk-on supports Sterling

The European equities have begun the day on a positive note, following the rally in the Asian stocks. The Pna-European Stoxx 600 index strengthened 2%, while the London’s FTSE also advanced 2%. Sterling, being perceived as a risk currency, managed to take back part of its losses to trade around 1.5390 levels.

However, gains are being capped as investors await the UK trade deficit and industrial production figures for July.

GBP/USD Technical Levels

The immediate support is seen at 1.5352 (200-DMA), followed by a major support at 1.53 levels. On the other side, immediate hurdle is seen at 1.5413 (previous day’s high) and 1.5491 (50% of last two week’s drop).
For more information, read our latest forex news.

No comments:

Post a Comment