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3 Sep 2015
GBP/USD extends recovery towards 1.5300
FXStreet (Mumbai) - The GBP/USD pair tries to recover from fresh multi-month trough and attempts a bounce towards 1.53 barrier, as markets continue to digest the latest weak UK services PMI report.
GBP/USD rises from 1.5241
The GBP/USD pair trades -0.18% lower at 1.5274, bouncing-off lows reached at 1.5241 post the UK data release. The offered tone surrounding the cable reduces as the GBP traders locked-in gains on their shorts after the major fell to fresh three-month lows.
While, GBP/USD also attempts recovery as calm spreads across the FX board ahead of the ECB meeting with greenback muted against its major competitors.
However, the British currency is likely to remain undermined against the US dollar as the recent series of downbeat UK macro releases continue to sour the sentiment around sterling.
Earlier this session, GBP/USD tumbles to the lowest levels in three month after the UK services sector activity worsened in August adding to the recent poor manufacturing and construction PMI reports.
Meanwhile, focus now shifts to the upcoming ECB decision ahead of a set of crucial economic releases from the US due later today.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5314 (Today’s High) above which gains could be extended to 1.5408 (Sept 1 High) levels. On the flip side, support is seen at 1.5219 (June 8 Low) below which it could extend losses to 1.5188 (June 5 Low) levels.
GBP/USD rises from 1.5241
The GBP/USD pair trades -0.18% lower at 1.5274, bouncing-off lows reached at 1.5241 post the UK data release. The offered tone surrounding the cable reduces as the GBP traders locked-in gains on their shorts after the major fell to fresh three-month lows.
While, GBP/USD also attempts recovery as calm spreads across the FX board ahead of the ECB meeting with greenback muted against its major competitors.
However, the British currency is likely to remain undermined against the US dollar as the recent series of downbeat UK macro releases continue to sour the sentiment around sterling.
Earlier this session, GBP/USD tumbles to the lowest levels in three month after the UK services sector activity worsened in August adding to the recent poor manufacturing and construction PMI reports.
Meanwhile, focus now shifts to the upcoming ECB decision ahead of a set of crucial economic releases from the US due later today.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5314 (Today’s High) above which gains could be extended to 1.5408 (Sept 1 High) levels. On the flip side, support is seen at 1.5219 (June 8 Low) below which it could extend losses to 1.5188 (June 5 Low) levels.