5 Aug 2015
GBP/USD struggles to sustain in the positive territory
FXStreet (Mumbai) - The bid tone on the USD weakened slightly, thereby helping the GBP/USD spot to recover losses, although the pair is having a tough time posting gains.
Hovers around 1.5560
The Sterling now hovers around 1.5560; largely unchanged on the day. The USD bulls appear to be losing grip in the early European session. Consequently, the spot recovered from the low of 1.5526. Moreover, the USD has pared gains across the board, in line with the 2-year treasury yield, which now trades largely unchanged from the 1.5 basis point gain seen earlier today.
Ahead in the day, the spot could be influenced by the UK services PMI for July. The investors will also keep an eye on US ADP employment data and ISM non-manufacturing data due for release today.
GBP/USD Technical Levels
The immediate resistance is located at 1.5568 (38.2% of Jul14-Apr15), followed by another resistance at 1.56 handle. On the other hand, support is seen at 1.55 and 1.5466 (July 24 low).
Hovers around 1.5560
The Sterling now hovers around 1.5560; largely unchanged on the day. The USD bulls appear to be losing grip in the early European session. Consequently, the spot recovered from the low of 1.5526. Moreover, the USD has pared gains across the board, in line with the 2-year treasury yield, which now trades largely unchanged from the 1.5 basis point gain seen earlier today.
Ahead in the day, the spot could be influenced by the UK services PMI for July. The investors will also keep an eye on US ADP employment data and ISM non-manufacturing data due for release today.
GBP/USD Technical Levels
The immediate resistance is located at 1.5568 (38.2% of Jul14-Apr15), followed by another resistance at 1.56 handle. On the other hand, support is seen at 1.55 and 1.5466 (July 24 low).