5 Aug 2015
GBP/USD stuck around 1.5575, awaits US data
FXStreet (Mumbai) - The British pound trimmed early gains and now trades around a flat line versus the American dollar in the mid-European session, keeping GBP/USD in range below 1.56 handle, as traders digest the latest UK services PMI print with the upcoming US ADP and ISM services PMI data from the US closely eyed.
GBP/USD awaits fresh cues from US data
The GBP/USD pair trades 0.08% higher at 1.5575, with the GBP bulls capped below 1.56 handle. The cable faces fresh offers at 1.5600 levels on an attempt to the upside as the pound continues to remain pressured after the UK services PMI data surprised to the downside.
The Markit/CIPS headline PMI measure for the UK's services sector dipped to 57.4 in July, pulling back slightly from last month's 58.5, and below expectations of 58.
Moreover, a broadly higher greenback also keeps the gains checked in the GBP/USD pair as GBP traders now turn their focus towards the US session and rest of this week's US calendar for further significant moves on the currency cross.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5636 (Aug 4 High) above which gains could be extended to 1.5679 (July 31 High) levels. On the flip side, support is seen at 1.5527 (Today’s Low) below which it could extend losses to 1.5498 (July 23 Low) levels.
GBP/USD awaits fresh cues from US data
The GBP/USD pair trades 0.08% higher at 1.5575, with the GBP bulls capped below 1.56 handle. The cable faces fresh offers at 1.5600 levels on an attempt to the upside as the pound continues to remain pressured after the UK services PMI data surprised to the downside.
The Markit/CIPS headline PMI measure for the UK's services sector dipped to 57.4 in July, pulling back slightly from last month's 58.5, and below expectations of 58.
Moreover, a broadly higher greenback also keeps the gains checked in the GBP/USD pair as GBP traders now turn their focus towards the US session and rest of this week's US calendar for further significant moves on the currency cross.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5636 (Aug 4 High) above which gains could be extended to 1.5679 (July 31 High) levels. On the flip side, support is seen at 1.5527 (Today’s Low) below which it could extend losses to 1.5498 (July 23 Low) levels.