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16 Dec 2014
GBP/USD hovers around 5-day SMA
FXStreet (Mumbai) - Cable remains elevated today, snapping losses from the previous session as markets shift attention to a deluge of UK macroeconomic data due for release later in the day.
The GBP/USD pair trades higher at 1.5651 levels, up 0.09%, compared to yesterday’s close of 1.5637 levels. The pound remains supported against the US dollar ahead of release of the UK bank stress test results, Bank of England’s (BOE) Financial Stability Report and the UK price pressures print which is expected to have slowed further in November, with the headline rate of CPI falling to 1.2%, down from a temporary rise of 1.3% in October.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5682 (Dec 8 High) above which gains could be extended to 1.5797 (Dec 5 High) levels. On the flip side, support is seen at 1.5624 (Dec 9 Low), below which it could extend losses to 1.5599 (Dec 15 Low) levels.
The GBP/USD pair trades higher at 1.5651 levels, up 0.09%, compared to yesterday’s close of 1.5637 levels. The pound remains supported against the US dollar ahead of release of the UK bank stress test results, Bank of England’s (BOE) Financial Stability Report and the UK price pressures print which is expected to have slowed further in November, with the headline rate of CPI falling to 1.2%, down from a temporary rise of 1.3% in October.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5682 (Dec 8 High) above which gains could be extended to 1.5797 (Dec 5 High) levels. On the flip side, support is seen at 1.5624 (Dec 9 Low), below which it could extend losses to 1.5599 (Dec 15 Low) levels.