4 Aug 2015
GBP/USD consolidates around 1.56 ahead of UK data
FXStreet (Mumbai) - The GBP/USD traders are unwilling to make move ahead of the UK construction PMI release, thereby restricting the pair around 1.56 handle.
AUD driven recovery ahead of UK data
The RBA statement released today, widely believed as a game changer, led to a spike in the AUD/USD pair and a broad based weakness in the US dollar. Consequently, the GBP/USD pair recovered from the low of 1.5571 to print a session high of 1.5618.
The focus now shifts to the UK Construction PMI, which is seen rising to 58.5 in July from 58.1 in June. The data comes a day before the services PMI and ahead of the quarterly inflation report due on Thursday.
GBP/USD Technical Levels
The immediate resistance is located at 1.5639 (38.2% of June rally), followed by a major hurdle at 1.5690-1.5700. On the other hand, support is seen at 1.5568 (38.2% of Jul 14 – Apr 15 rally) and 1.55 handle.
AUD driven recovery ahead of UK data
The RBA statement released today, widely believed as a game changer, led to a spike in the AUD/USD pair and a broad based weakness in the US dollar. Consequently, the GBP/USD pair recovered from the low of 1.5571 to print a session high of 1.5618.
The focus now shifts to the UK Construction PMI, which is seen rising to 58.5 in July from 58.1 in June. The data comes a day before the services PMI and ahead of the quarterly inflation report due on Thursday.
GBP/USD Technical Levels
The immediate resistance is located at 1.5639 (38.2% of June rally), followed by a major hurdle at 1.5690-1.5700. On the other hand, support is seen at 1.5568 (38.2% of Jul 14 – Apr 15 rally) and 1.55 handle.