23 Jul 2015
GBP/USD drops below 1.5600 on UK data
FXStreet (Edinburgh) - The sterling has deflated to the vicinity of 1.5590 the figure vs. the greenback following UK releases, with GBP/USD coming down from the 1.5660/65 band.
GBP/USD softer on UK retail sales
The pair is now shedding initial gains after UK retails sales came in on the softer side during June. In fact, headline sales contracted 0.2% inter-month and advanced 4.0% over the last twelve months, vs. estimates at 0.3% and 4.9%, respectively. Following suit, sales excluding the fuel component dropped 0.2% MoM and expanded 4.2% on a yearly basis.
Spot is now intensifying the decline to the 1.5590/85 area, down roughly 80 pips since session tops.
GBP/USD relevant levels
At the moment the pair is losing 0.11% at 1.5595 with the next support at 1.5550 (low Jul.22) ahead of 1.5500 (psychological level) and then 1.5450 (low Jul.17). On the upside, a break above 1.5673 (high Jul.23) would expose 1.5700 (psychological level) and then 1.5734 (high Jul.1).
GBP/USD softer on UK retail sales
The pair is now shedding initial gains after UK retails sales came in on the softer side during June. In fact, headline sales contracted 0.2% inter-month and advanced 4.0% over the last twelve months, vs. estimates at 0.3% and 4.9%, respectively. Following suit, sales excluding the fuel component dropped 0.2% MoM and expanded 4.2% on a yearly basis.
Spot is now intensifying the decline to the 1.5590/85 area, down roughly 80 pips since session tops.
GBP/USD relevant levels
At the moment the pair is losing 0.11% at 1.5595 with the next support at 1.5550 (low Jul.22) ahead of 1.5500 (psychological level) and then 1.5450 (low Jul.17). On the upside, a break above 1.5673 (high Jul.23) would expose 1.5700 (psychological level) and then 1.5734 (high Jul.1).