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29 Jul 2015
GBP/USD turns positive, prints high of 1.5638
FXStreet (Mumbai) - The GBP/USD pair recovered losses witnessed in the early European session, and extended gains to print a session high of 1.5638.
Nears key fib resistance
The spot is now trading within a touching distance from 1.5639 (38.2% Fib R of June rally). Earlier today, the bid tone on the USD had pushed the prices to a session low of 1.5587, before recovering back to trade above 1.56 handle.
The batch of upbeat UK data released today further helped the pair to clock a session high of 1.5638. It remains to be seen if the spot manages to rise above the fib resistance ahead of the US New home sales data release.
GBP/USD Technical Levels
The immediate resistance is located at 1.5639 (38.2% Fib R of June rally), above which the spot could rise to 1.5670 (July 23 high). On the other hand, support is seen at 1.5587 (daily low) and 1.5547 (50-DMA).
Nears key fib resistance
The spot is now trading within a touching distance from 1.5639 (38.2% Fib R of June rally). Earlier today, the bid tone on the USD had pushed the prices to a session low of 1.5587, before recovering back to trade above 1.56 handle.
The batch of upbeat UK data released today further helped the pair to clock a session high of 1.5638. It remains to be seen if the spot manages to rise above the fib resistance ahead of the US New home sales data release.
GBP/USD Technical Levels
The immediate resistance is located at 1.5639 (38.2% Fib R of June rally), above which the spot could rise to 1.5670 (July 23 high). On the other hand, support is seen at 1.5587 (daily low) and 1.5547 (50-DMA).