Back
1 Apr 2015
GBP/USD dives deep in red below 1.48
FXStreet (Mumbai) - GBP/USD erased previous gains and slipped in to negative territory as traders completely ignored impressive UK manufacturing PMI reading while USD bulls jumped back in to bids in the mid-European session.
GBP/USD falls from 1.4820
The GBP/USD pair trades lower at 1.4761, down -0.38% on the day, having slumped to fresh session lows at 1.4750 few minutes ago. The cable pared earlier gains and resumed its downslide as the US dollar halted its corrective slide and regained its footing across the board.
The British pound fell below 1.48 handle versus the greenback as markets shrugged of solid UK data which revealed that the UK manufacturing PMI edged up to 54.4 points in March, compared to a reading of 54.0 in February, rising to eight month highs.
Meanwhile, traders now shift their attention towards ISM manufacturing PMI and ADP private payrolls in the US for further dollar moves.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4872 (Today’s High) above which gains could be extended to 1.4900 levels. On the flip side, support is seen at 1.4750 (Today’s Low) levels below which it could extend losses to 1.4720 (March 19 Low) levels.
GBP/USD falls from 1.4820
The GBP/USD pair trades lower at 1.4761, down -0.38% on the day, having slumped to fresh session lows at 1.4750 few minutes ago. The cable pared earlier gains and resumed its downslide as the US dollar halted its corrective slide and regained its footing across the board.
The British pound fell below 1.48 handle versus the greenback as markets shrugged of solid UK data which revealed that the UK manufacturing PMI edged up to 54.4 points in March, compared to a reading of 54.0 in February, rising to eight month highs.
Meanwhile, traders now shift their attention towards ISM manufacturing PMI and ADP private payrolls in the US for further dollar moves.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4872 (Today’s High) above which gains could be extended to 1.4900 levels. On the flip side, support is seen at 1.4750 (Today’s Low) levels below which it could extend losses to 1.4720 (March 19 Low) levels.