19 Aug 2015
GBP/USD: Bulls loosen grip, near 1.5680
FXStreet (Mumbai) - The British pound faced rejection at 1.57 handle and trimmed gains versus the US dollar in the mid-European session, keeping GBP/USD in the upper band of 1.56 barrier, as the pound stands resilient to the broad based US dollar recovery ahead of US data, which is anticipated to add to the recent USD strength.
GBP/USD rejected at 1.5697
The GBP/USD pair trades 0.12% higher at 1.5679, having posted a high at 1.5697 and a low at 1.5660. The cable remains better bid driven by expectations of a BOE rate hike following upbeat UK Core CPI on Tuesday, although gains are somewhat capped by the anticipated USD strength, supported by US data.
Markets will be watching closely US session which offers the latest US CPI numbers for July as well as the Federal Open Market Committee (FOMC) minutes, with both expected to confirm the recent upsurge in the US dollar.
Meanwhile, the US dollar index, a virtual gauge of greenback’s strength, now recovers losses and trades -0.07% lower at 96.92.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5722 (Aug 18 High) above which gains could be extended to 1.5778 (June 30 High) levels. On the flip side, support is seen at 1.5600 below which it could extend losses to 1.5560 (Aug 18 Low) levels.
GBP/USD rejected at 1.5697
The GBP/USD pair trades 0.12% higher at 1.5679, having posted a high at 1.5697 and a low at 1.5660. The cable remains better bid driven by expectations of a BOE rate hike following upbeat UK Core CPI on Tuesday, although gains are somewhat capped by the anticipated USD strength, supported by US data.
Markets will be watching closely US session which offers the latest US CPI numbers for July as well as the Federal Open Market Committee (FOMC) minutes, with both expected to confirm the recent upsurge in the US dollar.
Meanwhile, the US dollar index, a virtual gauge of greenback’s strength, now recovers losses and trades -0.07% lower at 96.92.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5722 (Aug 18 High) above which gains could be extended to 1.5778 (June 30 High) levels. On the flip side, support is seen at 1.5600 below which it could extend losses to 1.5560 (Aug 18 Low) levels.