Monday, October 5, 2015

GBP/USD: No help from equity market feel good

FXStreet (Mumbai) - The GBP/USD pair continues to trade around 1.5220 as the sterling received a little boost from the uptick in the European equity markets.

Equities cheer weak NFP, Sterling does not

The major European equity indices rallied more than 1% as the Fed rate hike bets dropped sharply after the release of the horrible payrolls number on Friday. However, the Sterling has not been able to benefit much from the rally in the equities seen today.

The focus now shifts to the US services PMI report, which is likely to show the index ticked higher from the more than two-year low seen in August.

GBP/USD Technical Levels

The spot rose to a session high of 1.5228 before falling back slightly to 1.5220 levels. The immediate resistance is seen at 1.5237 (Friday’s high), above which the pair could rise to 1.53 levels. On the other side, support is seen at 1.52 and 1.5168 (daily low).
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