24 Jul 2015
GBP/USD: Bulls lack strength to push above 1.56
FXStreet (Mumbai) - The GBP/USD pair is trading around 1.5590, as the demoralized GBP bulls struggle to push the pair over and above 1.56 levels.
GBP/USD – Poised for a weekly loss
The spot is poised to suffer a weekly loss; currently trading 0.70% lower. The GBP bulls suffered after the disappointing UK retail sales hit the wires on Thursday. Meanwhile, the bid tone on the US dollar strengthened after the weekly jobless claims data printed at four-decade low.
The pair fell to a low of 1.5467 earlier today, before recovering to 1.55. However, fresh offers hit the pair ensuring the spot declined back near 1.5480 levels.
GBP/USD Technical Levels
The immediate resistance is seen at 1.55 handle, followed by the resistance at 1.5549 (50% fib of June rally). On the other hand, support is seen at 1.5459 (61.8% fib of June rally) and 1.54 handle.
GBP/USD – Poised for a weekly loss
The spot is poised to suffer a weekly loss; currently trading 0.70% lower. The GBP bulls suffered after the disappointing UK retail sales hit the wires on Thursday. Meanwhile, the bid tone on the US dollar strengthened after the weekly jobless claims data printed at four-decade low.
The pair fell to a low of 1.5467 earlier today, before recovering to 1.55. However, fresh offers hit the pair ensuring the spot declined back near 1.5480 levels.
GBP/USD Technical Levels
The immediate resistance is seen at 1.55 handle, followed by the resistance at 1.5549 (50% fib of June rally). On the other hand, support is seen at 1.5459 (61.8% fib of June rally) and 1.54 handle.