FXStreet (Mumbai) – The offered tone on the USD strengthened further in the European session, taking the GBP/USD pair higher to 1.5465.
Stuck at Weekly 5-MA
At the moment, the cable is struggling to extend gains over and above its weekly 5-MA located at 1.5465 levels. The initial impetus came in the form of a sharp sell-off in the USD/JPY in the late Asian-early European session today. The pair rose to 1.5410-1.5420.
The gains were extended further after the sell-off in the Germanbunds led to a spike in the EUR/USD Pair and further strengthened the offers on the USD. Consequently, cable shot to a high of 1.5465. Ahead in the day, the pair could be influenced by the UK industrial production data.
GBP/USD Technical Levels
The immediate resistance is located at 1.5439 (June. 4 high), above which the pair could rise to 1.5490 (Apr. 30 high). On the flip side, a break below 1.5390 could push the pair down to 1.5356 (200-MA).
(Market News Provided by FXstreet)