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20 Apr 2015
GBP/USD hits fresh session lows
FXStreet (Mumbai) - GBP/USD accelerated losses in the mid-European session, falling to fresh session lows near 1.49 barrier, as the pound remains pressured given the general election in the Britain approaching while the renewed greenback strength also drags the cable lower.
GBP/USD drops from 1.4928
The GBP/USD pair trades -0.28% at fresh session lows of 1.4912, sharply retreating from 1.50 handle. The GBP/USD pair dipped further in to red as a fresh bid caught the US dollar, taking it to higher levels across the board, following the recent upbeat US macro data.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies jumps to fresh two-day highs at 98.05, up 0.44% on the day.
The cable remains further undermined as the election factor should be a major driver for the UK currency in the weeks ahead, overshadowing upcoming data flow that is expected to bring some positive results.
Meanwhile, markets will now shift their focus towards BOE minutes due later this week for further momentum on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4984 (Today’s High) above which gains could be extended to 1.5055 (April 17 High) levels. On the flip side, support is seen at 1.4900 below which it could extend losses to 1.4867 (April 6 Low) levels.
GBP/USD drops from 1.4928
The GBP/USD pair trades -0.28% at fresh session lows of 1.4912, sharply retreating from 1.50 handle. The GBP/USD pair dipped further in to red as a fresh bid caught the US dollar, taking it to higher levels across the board, following the recent upbeat US macro data.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies jumps to fresh two-day highs at 98.05, up 0.44% on the day.
The cable remains further undermined as the election factor should be a major driver for the UK currency in the weeks ahead, overshadowing upcoming data flow that is expected to bring some positive results.
Meanwhile, markets will now shift their focus towards BOE minutes due later this week for further momentum on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4984 (Today’s High) above which gains could be extended to 1.5055 (April 17 High) levels. On the flip side, support is seen at 1.4900 below which it could extend losses to 1.4867 (April 6 Low) levels.