16 Jun 2015
GBP/USD revisits highs after US data
FXStreet (Mumbai) - The GBP/USD pair rose above 1.5630, a level seen in the early European session today, after the data in the US showed housing starts tanked 11.1% in May.
GBP/USD: Further gains ahead?
The pair clocked a high of 1.5635, before turning slightly lower to 1.5618 levels. Further gains in the pair depend on the market’s appetite for the US dollars. Though the headline housing starts figure tanked, the overall report painted an optimistic picture, mainly due to an uptick in the building permits. More importantly, housing starts for last two months combined have been highest since 2007. Consequently, we may see a rebound in the US dollar. The cable could suffer from the sell-off in the EUR/USD pair amid Greek impasse.
The American calendar does not offer any major economic data releases during the day ahead.The focus will now shift to the US FOMC rate decision due tomorrow.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5660, above which the pair could rise to 1.5700. On the flip side, a break below 1.56 could see the pair target 1.5550.
GBP/USD: Further gains ahead?
The pair clocked a high of 1.5635, before turning slightly lower to 1.5618 levels. Further gains in the pair depend on the market’s appetite for the US dollars. Though the headline housing starts figure tanked, the overall report painted an optimistic picture, mainly due to an uptick in the building permits. More importantly, housing starts for last two months combined have been highest since 2007. Consequently, we may see a rebound in the US dollar. The cable could suffer from the sell-off in the EUR/USD pair amid Greek impasse.
The American calendar does not offer any major economic data releases during the day ahead.The focus will now shift to the US FOMC rate decision due tomorrow.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5660, above which the pair could rise to 1.5700. On the flip side, a break below 1.56 could see the pair target 1.5550.