GBP/USD reaches fresh 8-week highs above 1.5550

FXStreet (Mumbai) - GBP/USD remained near fresh eight week highs above 1.55 handle, extending its upward trajectory during the late-Asian session as GBP bulls remained underpinned after Fed Yellen offered no fresh surprises which dragged the greenback lower.

GBP/USD supported above 1.55 handle

The GBP/USD pair trades higher by 0.11% at 1.5545, close to fresh eight week highs of 1.5553 levels posted some time ago. The pound extended gains against the greenback for fourth consecutive day after Yellen's testimony before the House Committee on Financial Services, which indicated no imminent change of patience within the Fed failed to lift the US dollar.

The pair is expected to remain lifted ahead of second estimate of UK growth numbers and a host of US key economic releases with main focus on CPI figures which may provide further USD moves.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5580 (Jan 2 High) above which gains could be extended to 1.5600 levels. On the flip side, support is seen at 1.5500 below which it could extend losses to 1.5454 (Feb 25 Low) levels.