13 Feb 2015
GBP/USD edges higher after US data
FXStreet (Mumbai) - The GBP/USD pair went from being a tad weaker at 1.5380 to modestly higher at 1.5395 levels after the data in the US showed the pace of decline in import prices slowed down in January.
Pair consolidates in the range 1.5380-1.5420
The pair has been restricted in the 40-pip range since the Asian session. The gains were erased during the European session as the US dollar posted a slow recovery against the basket of currencies, tracking the rise in the Treasury yields.
However, the pair bounced back from the low of 1.5369 and continues to extend the recovery post the data in the US, which showed import prices declined 2.8% month-on-month in January, compared to an expected decline of 3.2%. However, the decline was more than the 1.9% fall seen in December.
GBP/USD Technical Levels
The pair has an immediate resistance at 1.5420, above which it could rise to 1.5484 levels. On the flip side, support is seen at 1.5369 and 1.5342 levels.
Pair consolidates in the range 1.5380-1.5420
The pair has been restricted in the 40-pip range since the Asian session. The gains were erased during the European session as the US dollar posted a slow recovery against the basket of currencies, tracking the rise in the Treasury yields.
However, the pair bounced back from the low of 1.5369 and continues to extend the recovery post the data in the US, which showed import prices declined 2.8% month-on-month in January, compared to an expected decline of 3.2%. However, the decline was more than the 1.9% fall seen in December.
GBP/USD Technical Levels
The pair has an immediate resistance at 1.5420, above which it could rise to 1.5484 levels. On the flip side, support is seen at 1.5369 and 1.5342 levels.