Back
10 Apr 2015
GBP/USD recovers to 1.4650
FXStreet (Mumbai) - The USD is witnessing a technical correction ahead of the weekend after witnessing heavy demand throughout the week, helping the GBP/USD pair recover to 1.4650 from the low of 1.4585.
Weekly loss on cards
A weekly loss in the GBP/USD pair is almost confirmed since the pair is down 266 pips from its current week’s opening price of 1.4916. The sharp fall in the US import price index for March released today could have triggered a technical correction in the pair.
However, given the absence of any major market moving data, we are unlikely to see a recovery big enough to ensure the pair recovers 266 pips to end unchanged/higher for the week.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4683, above which gains could be extended to 1.4738. On the flip side, a break below 1.4585 could drive the pair lower to 1.4550 levels.
Weekly loss on cards
A weekly loss in the GBP/USD pair is almost confirmed since the pair is down 266 pips from its current week’s opening price of 1.4916. The sharp fall in the US import price index for March released today could have triggered a technical correction in the pair.
However, given the absence of any major market moving data, we are unlikely to see a recovery big enough to ensure the pair recovers 266 pips to end unchanged/higher for the week.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4683, above which gains could be extended to 1.4738. On the flip side, a break below 1.4585 could drive the pair lower to 1.4550 levels.