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1 Apr 2015
GBP/USD regains 1.4800 and erases losses
FXStreet (Córdoba) - GBP/USD recovered from daily lows during the American session to trade nearly flat on the day as the US dollar was weighed by the latest string of US disappointing data.
The dollar weakened after ADP data showed US private sector added 189,000 jobs in March, below the 225,000 expected. In addition, ISM manufacturing PMI declined for fifth month in a row to 51.5, its lowest since May 2013.
GBP/USD rose more than 100 pips from daily lows to post a session high of 1.4845 but lost momentum and pulled back slightly. At time of writing, the pair is trading at the 1.4830 zone, virtually unchanged on the day.
However from a wider view, uncertainty coming from general elections in UK and prospects of a rate hike in the US continue to favor the downside in the pair. GBP/USD posted a nearly 5-year low of 1.4633 on March 18th.
The dollar weakened after ADP data showed US private sector added 189,000 jobs in March, below the 225,000 expected. In addition, ISM manufacturing PMI declined for fifth month in a row to 51.5, its lowest since May 2013.
GBP/USD rose more than 100 pips from daily lows to post a session high of 1.4845 but lost momentum and pulled back slightly. At time of writing, the pair is trading at the 1.4830 zone, virtually unchanged on the day.
However from a wider view, uncertainty coming from general elections in UK and prospects of a rate hike in the US continue to favor the downside in the pair. GBP/USD posted a nearly 5-year low of 1.4633 on March 18th.