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2 Apr 2015

GBP/USD extends gains to trade above 1.4850

FXStreet (Mumbai) - The USD is being offered in the European session, which pushed the GBP/USD pair above 1.4850 levels.

Trades above 23.6% Fib level

The pair rose above 1.4849, which is the 23.6% Fib retracement of 1.5550-1.4633, after having bounced from the support at 1.4819 (61.8% Fib of 1.4633-1.5122). At the moment, the pair is trading at its 10-DMA located at 1.4860.

The UK construction PMI for March due for release at 8.30 GMT could influence the GBP/USD pair. Election uncertainty in the UK is also likely to play its part.

GBP/USD Technical Levels

The immediate resistance is seen at 1.4878, above which gains could be extended to 1.4935. On the flip side, a break below 1.4819 could drive the pair lower to 1.4749.

Apr 2, 2015

USD index might test lows at 96.1, rally to resume later – Westpac

Richard Franulovich of Westpac maintains the view that soft US data due to seasonal disruptions and unsupportive yield spreads might lead USD Index to fall to 96.1 before resuming upside in the medium-term.

Outlook for FX majors and crosses – SG

The Societe Generale Team shares the outlook for FX majors, and the USD Index, maintaining a bearish bias on GBP due to the political uncertainty.