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13 Apr 2015
GBP/USD gyrates 1.46
FXStreet (Mumbai) - The GBP/USD pair has been revolving around 1.46 levels, occasionally inching above 1.46, although gains have been capped at 1.4620.
Back below 1.46
The minor recovery to 1.4619 levels could not last long as the pair made its way back below 1.46. A fresh five year low has been set at 1.4571 levels earlier today, and the same could be challenged since the pair currently trades at 1.4588.
However, the weakness in the pair contradicts the relative resilience in the UK gilt yields. Benchmark 10-year Gilt yield is up 2.2 basis points to 1.604%, while its US counterpart is trading largely unchanged at 1.953%. It remains to be seen if the pair sees a relief rally on strength in the UK gilt yields, or extends losses to hit fresh 5-year lows.
GBP/USD Technical Levels
The immediate support is seen at 1.4571, under which the pair could drop to 1.4550. On the flip side, resistance is seen at 1.4620, above which gains could be extended to 1.4661.
Back below 1.46
The minor recovery to 1.4619 levels could not last long as the pair made its way back below 1.46. A fresh five year low has been set at 1.4571 levels earlier today, and the same could be challenged since the pair currently trades at 1.4588.
However, the weakness in the pair contradicts the relative resilience in the UK gilt yields. Benchmark 10-year Gilt yield is up 2.2 basis points to 1.604%, while its US counterpart is trading largely unchanged at 1.953%. It remains to be seen if the pair sees a relief rally on strength in the UK gilt yields, or extends losses to hit fresh 5-year lows.
GBP/USD Technical Levels
The immediate support is seen at 1.4571, under which the pair could drop to 1.4550. On the flip side, resistance is seen at 1.4620, above which gains could be extended to 1.4661.