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5 Jan 2015
GBP/USD moves away from 17-month lows
FXStreet (Mumbai) - Cable trades lower in the Asian morning, however rebounding from fresh 17-month low of 1.5167 levels hit in the previous session.
The GBP/USD pair trades at 1.5288 levels, down -0.26% on the day, close to intraday low of 1.5285 levels hit an hour ago. The sterling lost ground against the US dollar as the US dollar bulls have jumped back into the bids, shrugging of weak US factory numbers, reaching a fresh multi-year peak. The dollar index, which measures the strength of the greenback against the basket of six major currencies, rallied to multi-year perch of 91.87 levels some time ago and now trades at 91.82, up 0.38% on the day.
Meanwhile, markets now shift their attention towards Construction PMI from the UK due for release later in the day.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5319 (Today’s High) above which gains could be extended to 1.5404 (5-DMA) levels. On the flip side, support is seen at 1.52 levels, below which it could extend losses to 1.5167 (Jan 4 Low) levels
The GBP/USD pair trades at 1.5288 levels, down -0.26% on the day, close to intraday low of 1.5285 levels hit an hour ago. The sterling lost ground against the US dollar as the US dollar bulls have jumped back into the bids, shrugging of weak US factory numbers, reaching a fresh multi-year peak. The dollar index, which measures the strength of the greenback against the basket of six major currencies, rallied to multi-year perch of 91.87 levels some time ago and now trades at 91.82, up 0.38% on the day.
Meanwhile, markets now shift their attention towards Construction PMI from the UK due for release later in the day.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5319 (Today’s High) above which gains could be extended to 1.5404 (5-DMA) levels. On the flip side, support is seen at 1.52 levels, below which it could extend losses to 1.5167 (Jan 4 Low) levels