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8 Sep 2015
GBP/USD hit fresh session high, Euro Stoxx positive
FXStreet (Mumbai) - The offered tone around USD strengthened further, pushing the GBP/USD pair to a fresh session high of 1.5387.
Risk-on underway
The FX markets indicate a classic risk-on trading in the early European session. The USD has weakened against the GBP and EUR, while it strengthened against the safe haven Japanese Yen. The pan-European Euro Stoxx 50 index futures currently trade 0.5% higher. The German DAX and London’s FTSE futures are up 0.4% each.
Sterling, being oversold, strengthened sharply as risk-on sentiment paved way for a technical correction. The pair now trades around 1.5370 levels.
GBP/USD Technical Levels
The immediate resistance is located at 1.54 levels, followed by a major resistance at 1.5424 (Aug 7 low). On the other hand, support is seen at 1.5352 (200-DMA) and 1.5317 (23.6% 1.5819-1.5162).
Risk-on underway
The FX markets indicate a classic risk-on trading in the early European session. The USD has weakened against the GBP and EUR, while it strengthened against the safe haven Japanese Yen. The pan-European Euro Stoxx 50 index futures currently trade 0.5% higher. The German DAX and London’s FTSE futures are up 0.4% each.
Sterling, being oversold, strengthened sharply as risk-on sentiment paved way for a technical correction. The pair now trades around 1.5370 levels.
GBP/USD Technical Levels
The immediate resistance is located at 1.54 levels, followed by a major resistance at 1.5424 (Aug 7 low). On the other hand, support is seen at 1.5352 (200-DMA) and 1.5317 (23.6% 1.5819-1.5162).