11 Aug 2015
GBP/USD struggles to extend beyond 1.5600
FXStreet (Mumbai) - The British pound remains supported versus the American dollar in the European morning, pushing GBP/USD back around 1.56 handle, as the cable benefits from broad based US dollar weakness as PBOC-driven risk-off wanes and focus now shifts back to US fundamentals and Fed rate-hike expectations.
GBP/USD supported at 1.5555
The GBP/USD pair trades modestly flat at 1.5595, retreating from fresh session highs reached at 1.5614 some minutes ago. The major is posting modest gains and hovers near 1.5600 levels as the greenback capped its recovery and fell back in the red against its major competitors as markets continue to weigh hesitant Fed officials’ comments which added dovish points to the September rate hike odds.
Earlier in Asia, the cable was sold-off amid risk-off sentiments fuelled by PBOC’s shocking move – Yuan depreciation, which led to increased safe-haven demand for the US currency.
Markets now remain cautious and await not much significant US macro releases including non-farm productivity and unit labour costs data for further momentum on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5638 (Aug 6 High) above which gains could be extended to 1.5679 (July 31High) levels. On the flip side, support is seen at 1.5555 (Today’s Low) below which it could extend losses to 1.5466 (Aug 6 Low) levels.
GBP/USD supported at 1.5555
The GBP/USD pair trades modestly flat at 1.5595, retreating from fresh session highs reached at 1.5614 some minutes ago. The major is posting modest gains and hovers near 1.5600 levels as the greenback capped its recovery and fell back in the red against its major competitors as markets continue to weigh hesitant Fed officials’ comments which added dovish points to the September rate hike odds.
Earlier in Asia, the cable was sold-off amid risk-off sentiments fuelled by PBOC’s shocking move – Yuan depreciation, which led to increased safe-haven demand for the US currency.
Markets now remain cautious and await not much significant US macro releases including non-farm productivity and unit labour costs data for further momentum on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5638 (Aug 6 High) above which gains could be extended to 1.5679 (July 31High) levels. On the flip side, support is seen at 1.5555 (Today’s Low) below which it could extend losses to 1.5466 (Aug 6 Low) levels.