11 Aug 2015
GBP/USD listless below 1.5600
FXStreet (Mumbai) - The British pound wiped-out gains and consolidates in a narrow range versus the American dollar in the mid-European trades, with GBP/USD muted just shy of 1.56 handle. The cable failed to benefit from re-emergence of risk-on environment backed by Greece bailout deal news and trades flat awaiting fresh cues from the US session ahead.
GBP/USD eases-off 1.5614 session highs
The GBP/USD pair trades dead flat at 1.5592, keeping range below 1.56 barrier. GBP/USD trades almost unchanged, erasing gains seen earlier this session as renewed optimism surrounding Greece deal failed to provide impetus to the risk currency – GBP.
Moreover, a muted greenback against its major competitors as markets continue to assess Fed officials’ comments from Monday, keeping the gains in the US currency capped. The DXY, the virtual gauge of greenback’s relative strength, now trades modestly flat at 97.27, having found good support at 97 levels.
Markets now remain cautious and await not much significant US macro releases including non-farm productivity and unit labour costs data for further momentum on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5638 (Aug 6 High) above which gains could be extended to 1.5679 (July 31High) levels. On the flip side, support is seen at 1.5555 (Today’s Low) below which it could extend losses to 1.5466 (Aug 6 Low) levels.
GBP/USD eases-off 1.5614 session highs
The GBP/USD pair trades dead flat at 1.5592, keeping range below 1.56 barrier. GBP/USD trades almost unchanged, erasing gains seen earlier this session as renewed optimism surrounding Greece deal failed to provide impetus to the risk currency – GBP.
Moreover, a muted greenback against its major competitors as markets continue to assess Fed officials’ comments from Monday, keeping the gains in the US currency capped. The DXY, the virtual gauge of greenback’s relative strength, now trades modestly flat at 97.27, having found good support at 97 levels.
Markets now remain cautious and await not much significant US macro releases including non-farm productivity and unit labour costs data for further momentum on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5638 (Aug 6 High) above which gains could be extended to 1.5679 (July 31High) levels. On the flip side, support is seen at 1.5555 (Today’s Low) below which it could extend losses to 1.5466 (Aug 6 Low) levels.