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7 Jan 2015
GBP/USD sinks to fresh 18-Month Lows
FXStreet (Mumbai) - Cable fell further in the European session to reach fresh 18-month lows at 1.5106 levels, as broad based US dollar strength continued to weigh on the pound as markets await Federal Reserve’s (Fed) minutes to be released later in the day.
The GBP/USD pair traded at 1.5119 levels, down -0.21%, having posted fresh eighteen month lows some minutes ago. The pound remains pressured against the US dollar as bleak UK data released recently has raised questions about the slowing momentum of the UK economy, accelerating the selling pressure in the British currency.
Moreover, traders will now focus on Thursday's Bank of England (BoE) meeting for any major impact on the currency pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5148 (Today’s High) above which gains could be extended to 1.5230 (5-DMA) levels. On the flip side, support is seen at 1.5106, below which it could extend losses to 1.50 levels.
The GBP/USD pair traded at 1.5119 levels, down -0.21%, having posted fresh eighteen month lows some minutes ago. The pound remains pressured against the US dollar as bleak UK data released recently has raised questions about the slowing momentum of the UK economy, accelerating the selling pressure in the British currency.
Moreover, traders will now focus on Thursday's Bank of England (BoE) meeting for any major impact on the currency pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5148 (Today’s High) above which gains could be extended to 1.5230 (5-DMA) levels. On the flip side, support is seen at 1.5106, below which it could extend losses to 1.50 levels.