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FXStreet (Mumbai) - GBP/USD erased losses from Asia and inched higher in the early European morning, as the US dollar resumed its downtrend across the board following tepid US economic data released in the previous session.
GBP/USD extends beyond 1.5050
The GBP/USD pair trades 0.15% higher at fresh session highs at 1.5078, rising from 1.5050 levels seen in late Asian trades. The GBP/USD pair erased previous losses and turned positive as the US dollar snapped its recovery and gave back entire gains versus its major peers.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies drops to fresh session lows at 97.19, down -0.23% on the day.
Meanwhile, traders now turn their focus towards US economic releases including the major durable goods orders data amid a data dry GBP calendar, for further momentum on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5100 above which gains could be extended to 1.5133 (March 10 High) levels. On the flip side, support is seen at 1.5028 (Today’s Low) below which it could extend losses to 1.5000 levels.
