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11 Dec 2014
Cable declines, support seen at 5-day SMA
FXStreet (Mumbai) - Cable dropped during the mid-European session, reversing its three-day winning streak against the US dollar, as traders resorted to profit booking.
The GBP/USD pair trades now at 1.5664 levels, losing -0.33%, compared to previous session’s close of 1.5716. GBP/USD trades lower as the US dollar gained momentum against most of the major currencies. The US dollar index, which measures the greenback against a basket of six major currencies, rebounded from three consecutive days of losses to trade at 88.44 levels, up 0.22% on the day.
Meanwhile, traders await Bank of England (BOE) Carney’s press conference to be held in some time.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5682 (Dec 8 High), above which gains could be extended to 1.5719 (Dec 9 High) levels. On the flip side, support is seen at 1.5645 (100-day SMA), below which it could extend losses to 1.5624 (Dec 9 Low) levels.
The GBP/USD pair trades now at 1.5664 levels, losing -0.33%, compared to previous session’s close of 1.5716. GBP/USD trades lower as the US dollar gained momentum against most of the major currencies. The US dollar index, which measures the greenback against a basket of six major currencies, rebounded from three consecutive days of losses to trade at 88.44 levels, up 0.22% on the day.
Meanwhile, traders await Bank of England (BOE) Carney’s press conference to be held in some time.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5682 (Dec 8 High), above which gains could be extended to 1.5719 (Dec 9 High) levels. On the flip side, support is seen at 1.5645 (100-day SMA), below which it could extend losses to 1.5624 (Dec 9 Low) levels.