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23 Feb 2015
GBP/USD extends gain on disappointing US data
FXStreet (Mumbai) - The GBP/USD hit fresh daily high of 1.5432 after the data in the US showed the existing home sales plunged in January. The weakness in the US stocks and Treasury yields also weighed over the USD.
GBP/USD at two day high
The pair rose to 1.5432, its highest in two days after the data in the US showed Existing home sales in January fell by 4.9% to an annualized rate of 4.82 million, way more than the expected decline of 1.8% to an annualized rate of 4.95 million. The weak data pushed the 10-year yield in the US to a low of 2.07; down 6.3 basis points. Meanwhile, the 10-year Gilt yield in the UK is up 2.3 basis points at 1.79%.
The pair could extend gains if the Dallas Fed manufacturing index in February shows contraction in the activity following a -4.4 print in December.
GBP/USD Technical Levels
The pair has an immediate resistance at 1.5438 (Feb. 16 high), above which gains could be extended to 1.5472 levels. On the flip side, a break below 1.5396 could push the pair down to 1.5376 levels.
GBP/USD at two day high
The pair rose to 1.5432, its highest in two days after the data in the US showed Existing home sales in January fell by 4.9% to an annualized rate of 4.82 million, way more than the expected decline of 1.8% to an annualized rate of 4.95 million. The weak data pushed the 10-year yield in the US to a low of 2.07; down 6.3 basis points. Meanwhile, the 10-year Gilt yield in the UK is up 2.3 basis points at 1.79%.
The pair could extend gains if the Dallas Fed manufacturing index in February shows contraction in the activity following a -4.4 print in December.
GBP/USD Technical Levels
The pair has an immediate resistance at 1.5438 (Feb. 16 high), above which gains could be extended to 1.5472 levels. On the flip side, a break below 1.5396 could push the pair down to 1.5376 levels.