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GBP/USD accelerates beyond 1.50, at fresh monthly highs
FXStreet (Mumbai) - GBP/USD extends its upwards trajectory for the firth day in a row, with sterling extending beyond 1.50 barrier against the US dollar in European trades as traders continue to cheer impressive UK employment data.
GBP/USD at 1.5043 - highest in one month
The GBP/USD pair trades 0.73% at fresh one-month highs at 1.5043, jumping nearly 40 pips on a break above 1.50 handle. The major rallied mainly driven by solid gains in the pound following a set of labour data showed the jobless rate reached its lowest in more than six years.
Further, GBP/USD remains supported on a subdued US dollar across the board following recent tepid US macro data. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades lower by -0.50% at 97.39.
Meanwhile, markets will now shift their focus towards US CPI data which is expected print at 0.3% m/m and at 0% y/y again. Core (ex food and energy) pressures are modest, and are forecast at 0.2%m/m and 1.7%y/y.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5100 (March 11 High) above which gains could be extended to 1.5149 (March 15 High) levels. On the flip side, support is seen at 1.5000 below which it could extend losses to 1.4916 (Today’s Low) levels.