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28 Dec 2015
GBP/USD locked-in 20-pips tight range, above 1.49
FXStreet (Mumbai) - Having bottomed just ahead of 1.49 handle in early Asia, the GBP/USD pair extends its struggle to the upside as we progress towards the European open.
GBP/USD hovers above 5-DMA at 1.4914
The GBP/USD pair trades almost unchanged at 1.4920, trying another attempt to 1.4935 -daily highs. The cable is seen treading water in a narrow range amid lack of fresh economic news as the UK markets remain closed on account of Boxing Day holiday.
While any attempt to the upside in GBP/USD is likely to be sold-off as the pound remains pressured on the back of fading BOE rate hike bets in H1 2016 and also on looming Brexit concerns.
Markets now shift their attention towards a slew of macro updates from the US due tomorrow for fresh incentives on the pair. Tuesday sees a release of US goods trade balance, S&P/CS Composite-20 HPI y/y and CB Consumer Confidence data.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4942 (1h 200-SMA), above which 1.5004 (Dec 17 High/ 20-DMA) would be tested. On the flip side, support is seen at 1.4909 (daily low) below which it could extend losses to 1.4888/83 (1h 100 & 50-SMA).
GBP/USD hovers above 5-DMA at 1.4914
The GBP/USD pair trades almost unchanged at 1.4920, trying another attempt to 1.4935 -daily highs. The cable is seen treading water in a narrow range amid lack of fresh economic news as the UK markets remain closed on account of Boxing Day holiday.
While any attempt to the upside in GBP/USD is likely to be sold-off as the pound remains pressured on the back of fading BOE rate hike bets in H1 2016 and also on looming Brexit concerns.
Markets now shift their attention towards a slew of macro updates from the US due tomorrow for fresh incentives on the pair. Tuesday sees a release of US goods trade balance, S&P/CS Composite-20 HPI y/y and CB Consumer Confidence data.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4942 (1h 200-SMA), above which 1.5004 (Dec 17 High/ 20-DMA) would be tested. On the flip side, support is seen at 1.4909 (daily low) below which it could extend losses to 1.4888/83 (1h 100 & 50-SMA).