20 Jul 2015
GBP/USD sidelined around 1.5590
FXStreet (Mumbai) - The GBP/USD pair is trading in the sideways manner around 1.5590 as investors await for fresh trading cues in the European session.
Rejected at 1.5607
The pair failed to sustain above 1.5607, which is the 23.6% Fib R of April-June rally. The gains were capped after Gold prices fell to its lowest level since March 2010. The sell-off triggered a moderate rally in the USD across the board.
The Euroloand does not offer any major economic data releases. Consequently, we may witness a lacklustre trading session. The spot may take cues from the movement in Gold as it hogged the limelight in the Asian session.
GBP/USD Technical Levels
The immediate support is seen at 1.5549 (50% of June rally), under which the spot could dip to 1.55 handle. On the other hand, resistance is seen at 1.5607 (38.2% of Apr-Jun rally) and 1.5638 (38.2% of June rally).
Rejected at 1.5607
The pair failed to sustain above 1.5607, which is the 23.6% Fib R of April-June rally. The gains were capped after Gold prices fell to its lowest level since March 2010. The sell-off triggered a moderate rally in the USD across the board.
The Euroloand does not offer any major economic data releases. Consequently, we may witness a lacklustre trading session. The spot may take cues from the movement in Gold as it hogged the limelight in the Asian session.
GBP/USD Technical Levels
The immediate support is seen at 1.5549 (50% of June rally), under which the spot could dip to 1.55 handle. On the other hand, resistance is seen at 1.5607 (38.2% of Apr-Jun rally) and 1.5638 (38.2% of June rally).