GBP/USD accelerates above 1.51, at fresh 5-week highs

FXStreet (Mumbai) - GBP/USD extends gains and broke above the crucial 1.51 barrier for the first time in five weeks in the early European session, as the US dollar fell further into losses versus the pound as tepid US economic data released yesterday continue to weigh on the reserve currency.

GBP/USD surpasses 1.51

The GBP/USD pair trades 0.38% higher at fresh session highs at 1.5116, sitting at fresh five week highs. The GBP/USD pair continues its upward moves as the US dollar continues to be relentlessly sold-off versus its major peers, extending previous downtrend.

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 97.04, down -0.38% 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 1.5133 (March 10 High) above which gains could be extended to 1.5149 (March 15 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.