17 Jul 2015
GBP/USD rebounds sharply as euro plummets
FXStreet (Córdoba) - GBP/USD dropped toward 1.5550 after the release of US economic data but then bounced sharply to the upside, rising back above 1.5600 as EUR/GBP plummeted to fresh 7-year lows.
GBP/USD supported at 1.5550
The pair rose earlier to test weekly highs that lie around 1.5670 but failed to break above and started a bearish correction. Greenback gained further strength in the market with economic data form the US and pushed the pair to 1.5553, hitting the lowest level since Tuesday.
But then rebounded sharply, rising more than 80 pips during the last hour and currently trades around 1.5630, 30 pips above the level it closed yesterday.
The pound jumped in the market during the last hours, particularly versus the euro. EUR/GBP fell from 0.6980 to 0.6935, supporting the demand for the cable.
GBP/USD supported at 1.5550
The pair rose earlier to test weekly highs that lie around 1.5670 but failed to break above and started a bearish correction. Greenback gained further strength in the market with economic data form the US and pushed the pair to 1.5553, hitting the lowest level since Tuesday.
But then rebounded sharply, rising more than 80 pips during the last hour and currently trades around 1.5630, 30 pips above the level it closed yesterday.
The pound jumped in the market during the last hours, particularly versus the euro. EUR/GBP fell from 0.6980 to 0.6935, supporting the demand for the cable.