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10 Dec 2014
GBP/USD unimpressed by better than estimates UK Trade Balance data
FXStreet (Mumbai) - Cable trades flat after better than forecast UK trade balance numbers, extending gains from the previous session.
Currently, the GBP/USD pair trades almost unchanged at 1.5676 levels, after having hit a high of 1.5704 in the Asian trading. The pair continues to trade cautiously even after Office for National Statistics (ONS) reported that UK’s trade balance deficit shrank more than expected in October to its lowest deficit level since March.
The total trade balance deficit shrank to 2 billion pounds against market predictions of it shrinking to 2.4 billion pounds compared with last month's higher than expected deficit of 2.8 billion pounds.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5719 (Dec 9 High) levels, above which gains could be extended to 1.5744 (Dec 2 High) levels. On the flip side, support is seen at 1.5645 (100-day SMA), below which it could extend losses to 1.5624 (Dec 9 Low) levels.
Currently, the GBP/USD pair trades almost unchanged at 1.5676 levels, after having hit a high of 1.5704 in the Asian trading. The pair continues to trade cautiously even after Office for National Statistics (ONS) reported that UK’s trade balance deficit shrank more than expected in October to its lowest deficit level since March.
The total trade balance deficit shrank to 2 billion pounds against market predictions of it shrinking to 2.4 billion pounds compared with last month's higher than expected deficit of 2.8 billion pounds.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5719 (Dec 9 High) levels, above which gains could be extended to 1.5744 (Dec 2 High) levels. On the flip side, support is seen at 1.5645 (100-day SMA), below which it could extend losses to 1.5624 (Dec 9 Low) levels.