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15 May 2015
GBP/USD shows signs of weakness
FXStreet (Mumbai) - The GBP/USD is trading moderately lower in the late Asian/early European session, after having scored gains for the eight consecutive sessions.
Gains capped at 1.58
The rally in the pair failed to ensure the closing above 1.58 levels in the previous session. The fresh offers at the high of 1.5813 after an upbeat US weekly jobless claims data saw the pair erase part of its gains to end the NY session at 1.5770.
The pair is likely to trade in line with the market’s appetite for the US dollar as no major fundamental triggers is seen during the European session. It is likely to be a fairly thin trading session to end the week with catalysts ahead of London open.
GBP/USD Technical Levels
The immediate resistance is located 1.5819, above which the pair could rise to 1.5877. On the other hand, a break below 1.57 (5-DMA), could drive the pair lower to 1.5660.
Gains capped at 1.58
The rally in the pair failed to ensure the closing above 1.58 levels in the previous session. The fresh offers at the high of 1.5813 after an upbeat US weekly jobless claims data saw the pair erase part of its gains to end the NY session at 1.5770.
The pair is likely to trade in line with the market’s appetite for the US dollar as no major fundamental triggers is seen during the European session. It is likely to be a fairly thin trading session to end the week with catalysts ahead of London open.
GBP/USD Technical Levels
The immediate resistance is located 1.5819, above which the pair could rise to 1.5877. On the other hand, a break below 1.57 (5-DMA), could drive the pair lower to 1.5660.