23 Jul 2015
GBP/USD rises to 1.5570, USD offered across the board
FXStreet (Mumbai) - The GBP/USD strengthened to 1.5570 ahead of the UK retail sales data release largely on account of the broad based USD weakness.
Wave of selling hits USD
The USD is being sold across the board in the early European session, taking the GBP/USD higher to 1.5570. The weakness apparently lacks any major fundamental trigger. Moreover, the USD weakness could have been triggered by a sharp rise seen in the EUR/USD pair.
Ahead in the day, the UK retail sales data; which are expected to have grown by 4.9% y/y and 0.3% m/m in June; could influence the spot. In the US session, the weekly jobless claims data could also affect the pair.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5676 (July 15 high), followed by the psychological resistance at 1.57 handle. On the flip side, a break below 1.5638 (38.2% Fib of June rally) could push the spot back to 1.56 handle.
Wave of selling hits USD
The USD is being sold across the board in the early European session, taking the GBP/USD higher to 1.5570. The weakness apparently lacks any major fundamental trigger. Moreover, the USD weakness could have been triggered by a sharp rise seen in the EUR/USD pair.
Ahead in the day, the UK retail sales data; which are expected to have grown by 4.9% y/y and 0.3% m/m in June; could influence the spot. In the US session, the weekly jobless claims data could also affect the pair.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5676 (July 15 high), followed by the psychological resistance at 1.57 handle. On the flip side, a break below 1.5638 (38.2% Fib of June rally) could push the spot back to 1.56 handle.