GBP/USD Prints New Highs Near 1.4450 on UK Trade
The GBP/USD pair
keeps the bid tone intact following the release of favourable UK trade
balance data as markets absorb the latest data amid underlying risk-on
tone prevalent in the markets.
GBP/USD ends a five-day decline
The
GBP/USD pair trades +0.25% higher at fresh session highs of 1.4447,
looking to test Monday’s high at 1.4480. The cable caught a sudden
bid-wave after better than expected UK goods trade data boosted the
pound across the board, especially with the increase in exports calming
concerns over British economic prospects.
The goods trade deficit
shrank more than expected to GBP11.2 billion in March from a revised
GBP11.4 billion in February. The narrowing goods trade deficit was
mainly in response to a rise in exports by GBP400 million to GBP23.7
billion.
Moreover, a subdued trading activity seen around the US
dollar against its major peers combined with risk-on rally in equities
and higher oil prices, collaborated to the sudden upmove in the major.
With
the UK data out of the way, immediate focus now remains on the US JOLTS
jobs openings data lined up for release later in the NA session.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4465/1.4500 (1h 100-SMA/ round number), above which 1.4538 (1h 200-SMA) would be tested. On the flip side, support is seen at 1.4356/50 (100-DMA/ psychological levels) below that at 1.4310/00 (Apr 22 Low/ round figure).
