12 Jun 2015
GBP/USD struggles to extend gains above 1.55
FXStreet (Mumbai) - The bid tone on the GBP is not strong enough to push the GBP/USD pair over and above 1.5519, which is the 23.6% Fib retracement level of the rally from 1.4564 to 1.5813.
Gains capped for the third consecutive session?
The pair has been unable to sustain gains above 1.5519 levels in the past two sessions. A better-than-expected trade deficit and industrial production data saw the pair clock intraday highs of 1.5551 and 1.5532 in the previous two sessions. However, fresh offers at the said levels pushed the pair back below 1.5519 levels.
It remains to be seen if the pair manages to take out the Fib resistance today and witness a weekly close above the same. In any case, the a weekly gain is almost confirmed for the pair.
GBP/USD Technical Levels
The pair currently trades at 1.5506. The immediate support is seen at 1.55, under which the pair could target 1.5439 (June. 4 high). On the flip side, a break above 1.5525 could see the pair rise to 1.5567.
Gains capped for the third consecutive session?
The pair has been unable to sustain gains above 1.5519 levels in the past two sessions. A better-than-expected trade deficit and industrial production data saw the pair clock intraday highs of 1.5551 and 1.5532 in the previous two sessions. However, fresh offers at the said levels pushed the pair back below 1.5519 levels.
It remains to be seen if the pair manages to take out the Fib resistance today and witness a weekly close above the same. In any case, the a weekly gain is almost confirmed for the pair.
GBP/USD Technical Levels
The pair currently trades at 1.5506. The immediate support is seen at 1.55, under which the pair could target 1.5439 (June. 4 high). On the flip side, a break above 1.5525 could see the pair rise to 1.5567.