GBP/USD pared previous gains and steadied above 1.5150 levels as traders now await UK Service PMI reading which may beat market estimates following previous upbeat PMI reading from the UK.
Sustains above 1.5150
The GBP/USD pair traded flat at 1.5156 levels, retreating from day’s high posted at 1.5177 earlier in the day. GBP/USD gave away previous gains and trades cautious as better than forecasts UK construction PMI seems to have augmented expectations of an upbeat Services PMI as well. Moreover, the pair is expected to remain elevated as it broke above 1.51 threshold, putting an end to the consolidation phase seen over the past one week.
The pair rallied in the previous session underpinned by cheerful UK data and also on weaker dollar after US factory orders data disappointed markets. Risk-on appetite boosted by Greece's proposal to swap bonds held by the ECB for growth-linked and perpetual securities also weakened the greenback, pushing GBP/USD higher.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5177 above which gains could be extended to 1.5200 levels. On the flip side, support is seen at 1.5126 below which it could extend losses to sub 1.5100 levels.
Sustains above 1.5150
The GBP/USD pair traded flat at 1.5156 levels, retreating from day’s high posted at 1.5177 earlier in the day. GBP/USD gave away previous gains and trades cautious as better than forecasts UK construction PMI seems to have augmented expectations of an upbeat Services PMI as well. Moreover, the pair is expected to remain elevated as it broke above 1.51 threshold, putting an end to the consolidation phase seen over the past one week.
The pair rallied in the previous session underpinned by cheerful UK data and also on weaker dollar after US factory orders data disappointed markets. Risk-on appetite boosted by Greece's proposal to swap bonds held by the ECB for growth-linked and perpetual securities also weakened the greenback, pushing GBP/USD higher.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5177 above which gains could be extended to 1.5200 levels. On the flip side, support is seen at 1.5126 below which it could extend losses to sub 1.5100 levels.
