23 Jul 2015
GBP/USD recovers to 1.5600
FXStreet (Mumbai) - GBP/USD shaved-off losses and wavers around 1.56 handle during the mid-European session, as markets seem to have moved-past worse-than-expected UK retail sales data for June and now await US jobless claims data due later today for fresh incentives.
GBP/USD recovers from 1.5584
The GBP/USD pair trades flat at 1.5602, bouncing-off session lows reached at 1.5584 post UK data. The cable stood resilient, giving back most losses after the pound was sold-off on the back of disappointing retail sales data from the UK.
June retail sales numbers showed that consumer’s shopping habits are subdued, falling 0.2% on a monthly basis compared to 0.3% in the previous month, while on an annual basis the gauge increased 4.0% compared to the prior 4.7%.
Moreover, pound remains supported by the speculation that the Bank of England (BoE) seems to be moving closer towards a rate-hike following Wednesday’s BoE’s Monetary Policy Committee (MPC) minutes which showed a unanimous 9-0 vote and a number of members favoring rate lift-off by this year end.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5671 (Today’s High) above which gains could be extended to 1.5700 levels. On the flip side, support is seen at 1.5584 (Today’s Low) below which it could extend losses to 1.5527 (July 21 Low) levels.
GBP/USD recovers from 1.5584
The GBP/USD pair trades flat at 1.5602, bouncing-off session lows reached at 1.5584 post UK data. The cable stood resilient, giving back most losses after the pound was sold-off on the back of disappointing retail sales data from the UK.
June retail sales numbers showed that consumer’s shopping habits are subdued, falling 0.2% on a monthly basis compared to 0.3% in the previous month, while on an annual basis the gauge increased 4.0% compared to the prior 4.7%.
Moreover, pound remains supported by the speculation that the Bank of England (BoE) seems to be moving closer towards a rate-hike following Wednesday’s BoE’s Monetary Policy Committee (MPC) minutes which showed a unanimous 9-0 vote and a number of members favoring rate lift-off by this year end.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5671 (Today’s High) above which gains could be extended to 1.5700 levels. On the flip side, support is seen at 1.5584 (Today’s Low) below which it could extend losses to 1.5527 (July 21 Low) levels.