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4 May 2015
GBP/USD recovers losses
FXStreet (Mumbai) - The GBP/USD has recovered from the Asian session low of 1.5138 to trade at 1.5155, after having suffered sharp losses on Friday on account of a weaker-than-expected UK manufacturing PMI report.
GBP/USD: Elections under focus
Investors are likely to remain focused on the elections scheduled on May 7th. Reuters reported earlier today British PM David Cameron's Conservative Party took a one-point lead over the opposition Labour Party. The neck-to-neck race between the conservatives and the labor parties has made it difficult for the markets to predict the outcome of the elections.
Meanwhile, the services PMI report due for release later in the week could also influence the pair. As for today, the volumes are likely to be low as the UK markets are closed for the May day.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5167 (hourly 200-MA), above which gains could be extended to 1.5250. On the flip side, a break below 1.5113 could drive the pair lower to 1.5026 levels.
GBP/USD: Elections under focus
Investors are likely to remain focused on the elections scheduled on May 7th. Reuters reported earlier today British PM David Cameron's Conservative Party took a one-point lead over the opposition Labour Party. The neck-to-neck race between the conservatives and the labor parties has made it difficult for the markets to predict the outcome of the elections.
Meanwhile, the services PMI report due for release later in the week could also influence the pair. As for today, the volumes are likely to be low as the UK markets are closed for the May day.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5167 (hourly 200-MA), above which gains could be extended to 1.5250. On the flip side, a break below 1.5113 could drive the pair lower to 1.5026 levels.