GBP/USD: Close above 1.3150 to signal a possible reversal.

The GBP is following the broad dollar-negative tone with a 0.4% gain on the day to the mid-1.31s. A close above this region could signal a possible reversal in the cable, economists at Scotiabank report.

Weak resistance stands at ~1.3180 ahead of the 1.32 mark.“GBP price action since its test of 1.33 last week points to continued losses toward a re-test of 1.30. Still, the currency held up decently on two occasions at support in the mid-figure zone yesterday and managed to break cleanly past 1.31 without much selling pressure.”

“A close above 1.3150 on the day would signal a possible reversal in the GBP that leaves the 1.30s behind more firmly; weak resistance stands at ~1.3180 ahead of the 1.32 mark.”

 EUR/USD stays below 1.1150 despite hot German inflation data.EUR/USD has been struggling to gather bullish momentum after the latest data releases. Annual CPI jumped in Germany to 7.3% in March from 5.1% in February, surpassing the market expectation of 6.7%. On the other hand, the ADP reported that employment in the US private sector increased by 455,000 in March.


GBP/USD extends rebound beyond 1.3150.GBP/USD has continued to push higher in the early American session amid broad-based selling pressure surrounding the greenback. The pair is holding above 1.3150 with the US Dollar Index staying deep in the red near 98.00 despite upbeat ADP data.


Gold struggles to hold above $1,930 after US data.Gold has erased a portion of its daily gains after having met resistance above $1,930. The data from the US revealed that private sector employment increased by 455K in March and the real GDP grew at an annualized rate of 7.1% in the fourth quarter.

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