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25 May 2015
GBP/USD: Steady after 1.5% weekly loss
FXStreet (Mumbai) - The GBP/USD pair is trading steady in a narrow band of 1.5470-1.5490 on Monday, after having suffered 1.5% loss in the previous session, mainly on account of an uptick in the US core inflation.
GBP/USD trades below hourly 100-MA
The pair is trading below its hourly 100-MA currently located at 1.5485. The US core CPI in April rose at a fastest pace since early 2013, which indicates the inflation is inching towards the Fed’s target. Consequently, the US dollar rose sharply across the board. The GBP/USD pair fell from 1.5650 after the release of the US CPI. Earlier on Friday, the pair met fresh offers as it inched close to 1.57 levels.
Ahead in the day, the trading volumes are likely to be thin on account of a trading holiday in much of the Europe and US.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5445, under which the pair could drop to 1.5350. On the other hand, a break above 1.5520 could see the pair re-test 1.5550.
GBP/USD trades below hourly 100-MA
The pair is trading below its hourly 100-MA currently located at 1.5485. The US core CPI in April rose at a fastest pace since early 2013, which indicates the inflation is inching towards the Fed’s target. Consequently, the US dollar rose sharply across the board. The GBP/USD pair fell from 1.5650 after the release of the US CPI. Earlier on Friday, the pair met fresh offers as it inched close to 1.57 levels.
Ahead in the day, the trading volumes are likely to be thin on account of a trading holiday in much of the Europe and US.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5445, under which the pair could drop to 1.5350. On the other hand, a break above 1.5520 could see the pair re-test 1.5550.