Back
2 Jan 2015
GBP/USD trades below 10-DMA
FXStreet (Mumbai) - Cable trades lower in the Asian morning, extending the losses from the previous session, as US dollar takes a strong lead at the start of the New Year.
The GBP/USD pair trades at 1.5545 levels, down -0.21% on the day, close to intraday low of 1.5542 levels hit an hour ago. The sterling lost ground against the US dollar as the US dollar bulls have jumped back into the bids 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 high of 90.97 levels some time ago and now trades at 90.91, up 0.30% on the day.
Meanwhile, markets now shift their attention towards Manufacturing PMI from the UK due for release later in the day.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5588 (Dec 29 High) above which gains could be extended to 1.5610 (Dec 23 High) levels. On the flip side, support is seen at 1.5535 (Dec 26 Low) levels, below which it could extend losses to 1.5498 (Dec 30 Low) levels.
The GBP/USD pair trades at 1.5545 levels, down -0.21% on the day, close to intraday low of 1.5542 levels hit an hour ago. The sterling lost ground against the US dollar as the US dollar bulls have jumped back into the bids 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 high of 90.97 levels some time ago and now trades at 90.91, up 0.30% on the day.
Meanwhile, markets now shift their attention towards Manufacturing PMI from the UK due for release later in the day.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5588 (Dec 29 High) above which gains could be extended to 1.5610 (Dec 23 High) levels. On the flip side, support is seen at 1.5535 (Dec 26 Low) levels, below which it could extend losses to 1.5498 (Dec 30 Low) levels.