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9 Sep 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).
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).