4 Aug 2015
GBP/USD stuck below 1.5600
FXStreet (Mumbai) - The British pound trades modestly flat versus the American dollar in the European session, with GBP/USD wavering below 1.56 handle, as the GBP traders await fresh triggers from the upcoming US session with factory orders data from the US to be closely eyed while the major failed to benefit from the persistent broad based US dollar softness.
US data in focus
The GBP/USD pair trades modestly flat at 1.5594, trading around a flat line in the last hours. The GBP/USD pair remains stuck in the same range below 1.5600 levels as traders now await US data to bring in some fresh incentives for the pair.
Moreover, the pair seems to consolidate poor UK construction PMI data-led losses, although the downside remains cushioned on the back of falling US dollar across the board. The DXY, a virtual gauge of the greenback’s relative strength fell further by -0.19% to trade at 97.42.
Meanwhile, activity of UK construction firms unexpectedly decelerated as Markit/CIPS headline PMI index ticked down to 57.1 in July, from a four-month high of 58.1 in June, and below market estimate of 58.5.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5618 (Today’s High) above which gains could be extended to 1.5679 (July 31 High) levels. On the flip side, support is seen at 1.5572 (Today’s Low) below which it could extend losses to 1.5544 (July 22 Low) levels.
US data in focus
The GBP/USD pair trades modestly flat at 1.5594, trading around a flat line in the last hours. The GBP/USD pair remains stuck in the same range below 1.5600 levels as traders now await US data to bring in some fresh incentives for the pair.
Moreover, the pair seems to consolidate poor UK construction PMI data-led losses, although the downside remains cushioned on the back of falling US dollar across the board. The DXY, a virtual gauge of the greenback’s relative strength fell further by -0.19% to trade at 97.42.
Meanwhile, activity of UK construction firms unexpectedly decelerated as Markit/CIPS headline PMI index ticked down to 57.1 in July, from a four-month high of 58.1 in June, and below market estimate of 58.5.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5618 (Today’s High) above which gains could be extended to 1.5679 (July 31 High) levels. On the flip side, support is seen at 1.5572 (Today’s Low) below which it could extend losses to 1.5544 (July 22 Low) levels.