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28 Jul 2015
GBP/USD: Bulls in control, trades above 1.56
FXStreet (Mumbai) - The bid tone on the GBP/USD ensured the spot continued its upward journey to print a fresh session high of 1.5605.
Takes out Key Fib level
The pair has taken out 1.5594 (61.8% Fib R of 1.5671-1.5467) as investors cheer the 10th straight expansion in the UK economy. The pair was offered after it failed to sustain above the same in the previous session.
It remains to be seen if the spot manages to sustain above 1.56 handle. With stability in the risk sentiment in the major equity markets, the GBP may eventually move back above 1.56 after a possible technical correction. Ahead in the day, the US services PMI and consumer confidence data could influence the pair.
GBP/USD Technical Levels
The spot currently trades in the narrow band of 1.56-1.5605. The immediate resistance is located at 1.5642 (38.2% of June rally), above which the pair could target 1.57 handle. On the other hand, support is seen at 1.5594 (61.8% Fib R of 1.5671-1.5467) and 1.5552 (50-DMA).
Takes out Key Fib level
The pair has taken out 1.5594 (61.8% Fib R of 1.5671-1.5467) as investors cheer the 10th straight expansion in the UK economy. The pair was offered after it failed to sustain above the same in the previous session.
It remains to be seen if the spot manages to sustain above 1.56 handle. With stability in the risk sentiment in the major equity markets, the GBP may eventually move back above 1.56 after a possible technical correction. Ahead in the day, the US services PMI and consumer confidence data could influence the pair.
GBP/USD Technical Levels
The spot currently trades in the narrow band of 1.56-1.5605. The immediate resistance is located at 1.5642 (38.2% of June rally), above which the pair could target 1.57 handle. On the other hand, support is seen at 1.5594 (61.8% Fib R of 1.5671-1.5467) and 1.5552 (50-DMA).