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16 Jul 2015
GBP/USD stuck around 1.5615, awaits US data
FXStreet (Mumbai) - The British pound keeps losses and trades listless versus the US dollar in the mid-European session, with GBP/USD wavers above 1.56 barrier, as markets await fresh incentives from the upcoming US economic data and Yellen’s testing amid a no data GBP calendar.
US data, Yellen in focus
The GBP/USD pair trades -0.14% lower at 1.5617, miring near lows reached just ahead of 1.5600 levels. The major is poised to test 1.56 handle, although remains in red as traders seem to be digesting the previous session's jobs data from the UK together with the overnight rally on US dollar. The dollar index which measures the greenback’s strength against its major peers now trades 0.46% higher at 97.74.
Markets now turn focus towards day 2 of Fed Yellen’s testimony for further cues on US dollar moves. While US jobless claims and Philly Fed manufacturing index data may also influence the GBP/USD pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5650 (Today’s High) above which gains could be extended to 1.5676 (July 15 High) levels. On the flip side, support is seen at 1.5608 (Today’s Low) below which it could extend losses to 1.5575 (July 15 Low) levels.
US data, Yellen in focus
The GBP/USD pair trades -0.14% lower at 1.5617, miring near lows reached just ahead of 1.5600 levels. The major is poised to test 1.56 handle, although remains in red as traders seem to be digesting the previous session's jobs data from the UK together with the overnight rally on US dollar. The dollar index which measures the greenback’s strength against its major peers now trades 0.46% higher at 97.74.
Markets now turn focus towards day 2 of Fed Yellen’s testimony for further cues on US dollar moves. While US jobless claims and Philly Fed manufacturing index data may also influence the GBP/USD pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5650 (Today’s High) above which gains could be extended to 1.5676 (July 15 High) levels. On the flip side, support is seen at 1.5608 (Today’s Low) below which it could extend losses to 1.5575 (July 15 Low) levels.