13 Jul 2015
GBP/USD hits session high of 1.5570
FXStreet (Mumbai) - The GBP/USD jumped to a fresh session high of 1.5570 on the back of a rally in the risk assets and the sell-off in the EUR/GBP pair.
Rejected at 1.5570
The spot turned lower from the high of 1.5570, but the losses are being capped around 1.5560. The rally in the higher yielding currencies, coupled with the sell-off in the EUR/GBP cross. The strength in the GBP also represents a narrowed UK trade deficit released on Friday.
Consequently, despite broad based strength in the USD, the cable has been able to clocked gains of 0.43%. With nor major data due today and Grexit off the table for now, the attention now shifts to the UK CPI data due for release tomorrow.
GBP/USD Technical Levels
The immediate support is seen at 1.55, under which the pair could target 1.5460 (61.8% Fib R of June rally). On the other hand, resistance is seen at 1.56 and 1.5640.
Rejected at 1.5570
The spot turned lower from the high of 1.5570, but the losses are being capped around 1.5560. The rally in the higher yielding currencies, coupled with the sell-off in the EUR/GBP cross. The strength in the GBP also represents a narrowed UK trade deficit released on Friday.
Consequently, despite broad based strength in the USD, the cable has been able to clocked gains of 0.43%. With nor major data due today and Grexit off the table for now, the attention now shifts to the UK CPI data due for release tomorrow.
GBP/USD Technical Levels
The immediate support is seen at 1.55, under which the pair could target 1.5460 (61.8% Fib R of June rally). On the other hand, resistance is seen at 1.56 and 1.5640.