GBP/USD hits fresh daily highs at 1.5230, US CPI in focus

Dhwani Mehta FXStreet

FXStreet (Mumbai) - Cable jumped to fresh daily highs in the mid-European session, as traders calmed down after volatile swings on the Swiss National Bank's (SNB) unexpected decision and await fresh directions.

The GBP/USD pair traded at fresh daily highs of 1.5230 levels, up 0.31%, breaking above 1.5200 levels. The cable is likely to remain elevated ahead of crucial US CPI figures to determine fresh cues for the pair.

Meanwhile, next week, traders may closely watch out the Bank of England's meeting minutes and the labour market report for more incentives on cable.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5184 (5-DMA) above which gains could be extended to 1.5200 levels. On the flip side, support is seen at 1.5142 (Jan 14 Low), below which it could extend losses to sub 1.51 levels.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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