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10 Dec 2014
GBP/USD supported, ahead of UK Trade Balance data
FXStreet (Mumbai) - Cable extended gains for the 3rd day in a row and trades moderately higher in the early European hours, on expectations of better than forecast UK trade balance figures to be released shortly.
Currently, the GBP/USD pair trades at 1.5688 levels, 0.12% higher from the previous session’s close of 1.5671. The pair continues to trade cautiously as market awaits a slight bounce back in UK trade balance in October, which may show a slight decrease in trade deficits as opposed to an increase in September.
In October, the deficit on trade in goods is estimated to have narrowed slightly to 9.5 billion pounds, down from 9.8 billion pounds recorded in September.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5719 (Dec 9 High) levels, above which gains could be extended to 1.5744 (Dec 2 High) levels. On the flip side, support is seen at 1.5645 (100-day SMA), below which it could extend losses to 1.5624 (Dec 9 Low) levels.
Currently, the GBP/USD pair trades at 1.5688 levels, 0.12% higher from the previous session’s close of 1.5671. The pair continues to trade cautiously as market awaits a slight bounce back in UK trade balance in October, which may show a slight decrease in trade deficits as opposed to an increase in September.
In October, the deficit on trade in goods is estimated to have narrowed slightly to 9.5 billion pounds, down from 9.8 billion pounds recorded in September.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5719 (Dec 9 High) levels, above which gains could be extended to 1.5744 (Dec 2 High) levels. On the flip side, support is seen at 1.5645 (100-day SMA), below which it could extend losses to 1.5624 (Dec 9 Low) levels.