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24 Dec 2014
GBP/USD edges up, resistance at 5-DMA
FXStreet (Mumbai) - Cable ticked up during the mid-European session, after a very choppy Asian session as traders remained on the sidelines ahead of Christmas holiday for fresh moves on the currency pair.
The GBP/USD pair traded at 1.5536 levels, up 0.11% on the day, hitting fresh daily highs at 1.5554 levels some minutes ago. GBP/USD remained elevated largely due to retreating US dollar from multi-year peak. The dollar index, which measures the greenback strength against six major currencies, retreated from five year peak of 90.41 levels and trades now at 90.16 levels, down -0.21% on the day.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5621 (5-DMA) above which gains could be extended to 1.5667 (Dec 22 High) levels. On the flip side, support is seen at 1.5571 (Dec 22 Low), below which it could extend losses to 1.5547 (Dec 18 Low) levels
The GBP/USD pair traded at 1.5536 levels, up 0.11% on the day, hitting fresh daily highs at 1.5554 levels some minutes ago. GBP/USD remained elevated largely due to retreating US dollar from multi-year peak. The dollar index, which measures the greenback strength against six major currencies, retreated from five year peak of 90.41 levels and trades now at 90.16 levels, down -0.21% on the day.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5621 (5-DMA) above which gains could be extended to 1.5667 (Dec 22 High) levels. On the flip side, support is seen at 1.5571 (Dec 22 Low), below which it could extend losses to 1.5547 (Dec 18 Low) levels