Monday, September 21, 2015

GBP/USD testing highs near 1.5550

FXStreet (Mumbai) - The British pound keeps its upbeat momentum intact against the US dollar in the European morning, pushing GBP/USD to fresh session highs near the mid-point of 1.55 handle.

GBP/USD suupported above 1.5500

The GBP/USD pair trades 0.12% higher at fresh session highs of 1.5551, bouncing-off session lows struck at 1.5530. The cable extends its gradual recovery mode from 1.5515 region and now trades firmer as the GBP traders continue to favour the pound after the Fed's wait-and-see approach.

Moreover, GBP/USD remains supported as the US dollar fails to benefit from rising shorter as well as longer duration treasury yields. The 2-yr and 10-yr yields on the US treasury notes rallied on Monday, now trading 3.55% and 1% higher respectively, on the day.

Meanwhile, the cable is expected to track the USD moves along with the persisting market sentiment amid a data-quiet GBP calendar ahead. While US macro data due later in the NA session will also be awaited for further cues.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5605 (Aug 10 High) above which gains could be extended to 1.5632 (Sept 16 High) levels. On the flip side, support is seen at 1.5516 (Today’s Low) below which it could extend losses to 1.5484 (Sept 17 Low) levels.
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