20 Jul 2015
GBP/USD bounces back and erases losses
FXStreet (Córdoba) - GBP/USD managed to recover from daily lows and trimmed intraday losses as the dollar receded across the board at the beginning of the New York session.
GBP/USD picked up momentum and moved off daily lows in the vicinity of 1.5540 to briefly climb back above 1.5600. However, Cable continues to trade within its recent range, unable to set a longer-term direction. At time of writing, GBP/USD is trading at 1.5592, little changed on the day.
Last week, both BoE Governor Carney and MPC member Miles said the timing to raise rates is closer, which lifted expectations and underpinned the pound. Looking ahead, the BoE will release latest meeting minutes on Wednesday and June’s Retail Sales will be published on Thursday.
GBP/USD levels to watch
In terms of technical levels, GBP/USD could find immediate resistances at 1.5626 (Jul 20 high), 1.5672 (Jul 17 high) and 1.5700 (psychological level). On the flip side, supports are seen at 1.5537 (Jul 20 low), 1.5526 (10-day SMA) and 1.5500 (psychological level).
GBP/USD picked up momentum and moved off daily lows in the vicinity of 1.5540 to briefly climb back above 1.5600. However, Cable continues to trade within its recent range, unable to set a longer-term direction. At time of writing, GBP/USD is trading at 1.5592, little changed on the day.
Last week, both BoE Governor Carney and MPC member Miles said the timing to raise rates is closer, which lifted expectations and underpinned the pound. Looking ahead, the BoE will release latest meeting minutes on Wednesday and June’s Retail Sales will be published on Thursday.
GBP/USD levels to watch
In terms of technical levels, GBP/USD could find immediate resistances at 1.5626 (Jul 20 high), 1.5672 (Jul 17 high) and 1.5700 (psychological level). On the flip side, supports are seen at 1.5537 (Jul 20 low), 1.5526 (10-day SMA) and 1.5500 (psychological level).