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16 Jul 2015
GBP/USD recovers above 1.56
FXStreet (Mumbai) - The GBP/USD pair recovered from the low of 1.5560 to trade above 1.56 levels, largely mimicking the moves witnessed in the EUR/USD pair.
Trades around 23.6% Fib of Apr-June rally
The pair is hovering around 1.5607, which is the 23.6% fib retracement of the Apr-June rally. The pair moved largely in line with the movement seen in the EUR/USD pair during the ECB President Mario Draghi’s press conference. Moreover, the spot ignored the Us initial jobless claims, which printed below 300K for the 19th consecutive session.
Meanwhile, a weaker-than-expected Philadelphia Fed manufacturing survey also weakened the bid tone on the US dollar somewhat.
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.
Trades around 23.6% Fib of Apr-June rally
The pair is hovering around 1.5607, which is the 23.6% fib retracement of the Apr-June rally. The pair moved largely in line with the movement seen in the EUR/USD pair during the ECB President Mario Draghi’s press conference. Moreover, the spot ignored the Us initial jobless claims, which printed below 300K for the 19th consecutive session.
Meanwhile, a weaker-than-expected Philadelphia Fed manufacturing survey also weakened the bid tone on the US dollar somewhat.
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.