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16 Jul 2015
GBP/USD drops to 1.5607
FXStreet (Mumbai) - The GBP is being offered ahead of the European morning, thereby pushing the GBP/USD spot to a low of 1.5607.
Rejected at Key fib resistance
The pair was offered after it failed to sustain above 1.5638 (38.2% Fib of June rally) in the Asian session. The dip witnessed in the cable is in line with the weakness in the EUR/USD pair. Moreover, the USD is strengthening across the board, a move which appears to be an extension of the rally witnessed in the NY session on Wednesday after Yellen reiterated the possibility of rate hike in 2015.
With no major UK data due for release today, the focus is likely to be on the overall market sentiment. Ahead in the US session, Yellen’s second round of testimony, ECB rate decision and Us weekly jobless claims could influence the pair.
GBP/USD Technical Levels
The immediate support is seen at 1.56, under which the spot could target 1.5550 (50% Fib of June rally). On the other hand, resistance is seen at 1.5638 (38.2% Fib R of June rally) and 1.57 levels.
Rejected at Key fib resistance
The pair was offered after it failed to sustain above 1.5638 (38.2% Fib of June rally) in the Asian session. The dip witnessed in the cable is in line with the weakness in the EUR/USD pair. Moreover, the USD is strengthening across the board, a move which appears to be an extension of the rally witnessed in the NY session on Wednesday after Yellen reiterated the possibility of rate hike in 2015.
With no major UK data due for release today, the focus is likely to be on the overall market sentiment. Ahead in the US session, Yellen’s second round of testimony, ECB rate decision and Us weekly jobless claims could influence the pair.
GBP/USD Technical Levels
The immediate support is seen at 1.56, under which the spot could target 1.5550 (50% Fib of June rally). On the other hand, resistance is seen at 1.5638 (38.2% Fib R of June rally) and 1.57 levels.