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5 Jun 2013
GBP/USD resumes upside after US data
FXstreet.com (Córdoba) - The British pound received a boost and resumed its advance against the dollar following the latest string of US data which showed US ISM service PMI rose slightly above expectations in May, but factory orders grew less-than-anticipated.
GBP/USD rose nearly 50 pips after the data and reached the 1.5380 area, although it lacked momentum to break above 1.5396/1.5400 (previous highs/psychological level). At time of writing, GBP/USD is trading at the 1.5370 zone, recording a 0.4% gain on the day.
As for technical levels, above 1.5396/1.5400, next resistances could be faced at 1.5470 (May 8 low) and 1.5500 (psychological level. On the flip side, supports are seen at 1.5325 (20-hour SMA) and 1.5290 (daily low).
GBP/USD rose nearly 50 pips after the data and reached the 1.5380 area, although it lacked momentum to break above 1.5396/1.5400 (previous highs/psychological level). At time of writing, GBP/USD is trading at the 1.5370 zone, recording a 0.4% gain on the day.
As for technical levels, above 1.5396/1.5400, next resistances could be faced at 1.5470 (May 8 low) and 1.5500 (psychological level. On the flip side, supports are seen at 1.5325 (20-hour SMA) and 1.5290 (daily low).