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16 Jul 2015
GBP/USD capped below 1.5650
FXStreet (Mumbai) - The British pound erased gains and fell back in red versus the US dollar in the European morning, sending GBP/USD closer towards 1.56 handle, largely on persistent US dollar strength against its major competitors ahead of a set of key US macro data due later today.
GBP/USD pressured by stronger USD
The GBP/USD pair trades -0.12% lower at 1.5621, retracing from session highs of 1.5650 during last hours. The major remains largely subdued on absolute USD bulls’ dominance amid a data-empty GBP calendar today. The dollar index which measures the greenback’s strength against its major peers now trades 0.24% higher at 97.54.
Markets now turn focus towards day 2 of Fed Yellen’s testimony for further cues on US dollar moves. While US jobless claims and Philly Fed manufacturing index data may also influence the GBP/USD pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5650 (Today’s High) above which gains could be extended to 1.5676 (July 15 High) levels. On the flip side, support is seen at 1.5608 (Today’s Low) below which it could extend losses to 1.5575 (July 15 Low) levels.
GBP/USD pressured by stronger USD
The GBP/USD pair trades -0.12% lower at 1.5621, retracing from session highs of 1.5650 during last hours. The major remains largely subdued on absolute USD bulls’ dominance amid a data-empty GBP calendar today. The dollar index which measures the greenback’s strength against its major peers now trades 0.24% higher at 97.54.
Markets now turn focus towards day 2 of Fed Yellen’s testimony for further cues on US dollar moves. While US jobless claims and Philly Fed manufacturing index data may also influence the GBP/USD pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5650 (Today’s High) above which gains could be extended to 1.5676 (July 15 High) levels. On the flip side, support is seen at 1.5608 (Today’s Low) below which it could extend losses to 1.5575 (July 15 Low) levels.