FXStreet (Mumbai) – The GBP/USD pair ran into fresh bids around 1.5440, thereby pushing it to a session high of 1.5485.
Stalls at critical resistance
The upside momentum stalled as the pair approached 1.5487-1.5490 (Apr. 29, 30 high). At the moment, the pair is trading at 1.5460; up 0.50% on the day. Initially, there was a muted reaction to a better-than-expected UK industrial production figures, mainly due to the contraction in the manufacturing activity.
However, fresh bids eventually managed to push the pair higher to 1.5485. Ahead in the day, the pair remains at the mercy of market’s appetite for the US dollar, given the absence of a major market moving data release of out of the US.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5490 (Apr. 30 high), above which the pair could rise to 1.5550 (Feb. 26 high). On the flip side, a break below 1.5439 (June 4 high), could push the pair back to 1.5380.
(Market News Provided by FXstreet)