18 Dec 2014
GBP/USD holds above 1.5600
FXStreet (Córdoba) - GBP/USD is back headed up following a short-lived intraday pullback at the beginning of the New York session.
GBP/USD staged a steep recovery from fresh 2014 lows Thursday, underpinned by strong UK retail sales, but found resistance at the 1.5665 area. However, with the subsequent pullback contained by the 1.56 mark, Cable resumed the rise. At time of writing, GBP/USD is trading at 1.5646, recording a 0.47% gain on the day.
US jobless claims data gave the greenback a brief boost but disappointing December Markit services PMI (53.6 vs 56.9) acted in the opposite direction.
GBP/USD levels to watch
Immediate resistance now stands at 1.5665 (daily high/10-day SMA) followed by 1.5680 (21-day SMA) and 1.5700 (psychological level). On the flip side, supports are seen at 1.5600 (intraday level/psychological level) and 1.5548 (daily low) ahead of 1.5539 (2014 low Dec 17).
GBP/USD staged a steep recovery from fresh 2014 lows Thursday, underpinned by strong UK retail sales, but found resistance at the 1.5665 area. However, with the subsequent pullback contained by the 1.56 mark, Cable resumed the rise. At time of writing, GBP/USD is trading at 1.5646, recording a 0.47% gain on the day.
US jobless claims data gave the greenback a brief boost but disappointing December Markit services PMI (53.6 vs 56.9) acted in the opposite direction.
GBP/USD levels to watch
Immediate resistance now stands at 1.5665 (daily high/10-day SMA) followed by 1.5680 (21-day SMA) and 1.5700 (psychological level). On the flip side, supports are seen at 1.5600 (intraday level/psychological level) and 1.5548 (daily low) ahead of 1.5539 (2014 low Dec 17).