GBP/USD Fails to Resist Above 1.4500, US Data Eyed

GBP/USD Fails to Resist Above 1.4500, US Data Eyed

26 April 2016, 08:46
Roberto Jacobs
0
16

GBP/USD Fails to Resist Above 1.4500, US Data Eyed

The GBP/USD pair struggled hard to sustain above 1.45 handle, but in vain and now hover below the last as we progress towards the European open, with UK’s mortgage approvals next on tap.

GBP/USD faces stiff resistance ahead of 1.4500

The GBP/USD pair trades 0.07% higher at 1.4493, having reversed a spike to 1.4509, daily tops. The cable is seen consolidating near 10-week tops, although failed to keep 1.45 handle, as a mild cautious tone prevalent in the markets weighed on the risk currency GBP.

However, the GBP/USD pair manages to remain on the bids on the back of stabilizing oil prices and growing anti-Brexit chatter across the GBP markets. In the day ahead, the major will track the broader market sentiment amid a lack of significant fundamental drivers until the American session, when the US durable goods data will be published.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4520 (10-week highs), above which 1.4586/80 (daily R2/ Feb 10 High) would be tested. On the flip side, support is seen at 1.4438 (1h 50-SMA) below that at 1.4400 (round figure).


fxs_logo_news.png

Share it with friends: