GBP/USD Dips to Lows Near 1.4380, Ignores Positive Equities

GBP/USD Dips to Lows Near 1.4380, Ignores Positive Equities

9 May 2016, 09:30
Roberto Jacobs
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GBP/USD Dips to Lows Near 1.4380, Ignores Positive Equities

The GBP/USD pair ran through fresh offers over the last hour and surrendered 1.44 handle thereon, as the US dollar regained momentum and edged higher against its major peers.

GBP/USD eyes 100-DMA 1.4361

The GBP/USD pair trades -0.30% lower at fresh session lows of 1.4383, giving up almost 70-pips from session highs of 1.4449. The cable is seen extending its bearish momentum for the fifth straight session this Monday as the USD bulls remain in complete control and drive the US dollar back on the bids against a basket of six major currencies, with the USD index now advancing 0.13% near 94 handle.

Looking ahead, in absence of significant macro news from the UK as well as US docket, markets are likely to watch the second-liner data in the UK Halifax HPI and US LMCI report due later today. In the meantime, the moves in the US dollar are likely to drive the sentiment around the cable.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4500/07 (round number/ 1h 100-SMA), above which 1.4556 (1h 200-SMA) would be tested. On the flip side, support is seen at 1.4350 (psychological levels) below that at 1.4310/00 (Apr 22 Low/ round figure).


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