7 Aug 2015
GBP/USD creeps to fresh highs near 1.5530
FXStreet (Mumbai) - The British pound brushed off negative trade data and extended higher versus the American dollar in the European session, pushing GBP/USD beyond 1.55 handle, as sterling stood resilient to the rising US ahead of the key US labour market report due later in the session ahead.
GBP/USD rises from 1.5503 levels
The GBP/USD pair trades 0.05% higher at 1.5520, easing-off fresh session highs reached at 1.5530 in last hours. The cable swung between gains and losses and now struggles to extend gains further as a series of negative events occurred lately continue to pressure the British currency versus the buck.
Earlier this session, the cable was sold-off on the back of BOE Broadbent’s dovish comments relating to the central bank rate-hike outlook and also on widening UK trade deficit news. Moreover, BOE coming out surprisingly dovish with its minutes and revising lower its inflation outlook on Thursday also keep the negative sentiment around the pound intact.
Markets now remain cautious and may favour the greenback ahead of the crucial US NFP numbers which may have major impacts on the pair.
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GBP/USD Levels to consider
The pair has an immediate resistance at 1.5552 (July 10 High) above which gains could be extended to 1.5638 (Aug 6 High) levels. On the flip side, support is seen at 1.5466 (Aug 6 Low) below which it could extend losses to 1.5449 (July 14 Low) levels.
GBP/USD rises from 1.5503 levels
The GBP/USD pair trades 0.05% higher at 1.5520, easing-off fresh session highs reached at 1.5530 in last hours. The cable swung between gains and losses and now struggles to extend gains further as a series of negative events occurred lately continue to pressure the British currency versus the buck.
Earlier this session, the cable was sold-off on the back of BOE Broadbent’s dovish comments relating to the central bank rate-hike outlook and also on widening UK trade deficit news. Moreover, BOE coming out surprisingly dovish with its minutes and revising lower its inflation outlook on Thursday also keep the negative sentiment around the pound intact.
Markets now remain cautious and may favour the greenback ahead of the crucial US NFP numbers which may have major impacts on the pair.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5552 (July 10 High) above which gains could be extended to 1.5638 (Aug 6 High) levels. On the flip side, support is seen at 1.5466 (Aug 6 Low) below which it could extend losses to 1.5449 (July 14 Low) levels.