10 Jul 2015
GBP/USD extends gains, re-tests 50% Fib of June rally
FXStreet (Mumbai) - The GBP/USD pair extended the gains ahead of the US session to print a high of 1.555, which is the 50% Fib retracement of the rally witnessed in June.
GBP/USD: Back below hourly 200-MA
The spot now trades around 1.5530; below the hourly 200-MA currently located at 1.5543. The USD suffered a double blow of a sharp fall in the UK trade deficit and the risk-on rally triggered by hopes of Greek deal.
With no major US data due for release today, the spot is likely to track the overall market sentiment. Meanwhile, investors would also keep an eye on US Fed chairwoman Yellen’s speech scheduled later today.
GBP/USD Technical Levels
The immediate resistance is located at 1.5551 (50% Fib R June rally), above which the spot could target 1.5600-1.5607. On the flip side, a break below 1.55 could push the pair down to 1.5560.
GBP/USD: Back below hourly 200-MA
The spot now trades around 1.5530; below the hourly 200-MA currently located at 1.5543. The USD suffered a double blow of a sharp fall in the UK trade deficit and the risk-on rally triggered by hopes of Greek deal.
With no major US data due for release today, the spot is likely to track the overall market sentiment. Meanwhile, investors would also keep an eye on US Fed chairwoman Yellen’s speech scheduled later today.
GBP/USD Technical Levels
The immediate resistance is located at 1.5551 (50% Fib R June rally), above which the spot could target 1.5600-1.5607. On the flip side, a break below 1.55 could push the pair down to 1.5560.