22 Dec 2014
GBP/USD hovers above 1.5600
FXStreet (Córdoba) - GBP/USD failed to sustain European session gains and pulled back, briefly falling below the 1.5600 mark before settling in a range where it has spent the last hours.
GBP/USD has traded between 1.5600-1.5635, unable to set fresh direction, amid thin markets and ahead of tomorrow’s UK GDP release. However, from broader view, GBP/USD remains near its 15-month low scored last week. At time of writing, GBP/USD is trading at 1.5620, effectively unchanged on the day.
GBP/USD technical outlook
“The Cable has been pretty much confined to 300 pips since mid November, unable to set up a clear direction, but at least resisting dollars’ strength”, said Valeria Bednarik, chief analyst at FXStreet. Meanwhile, the analyst notes the short-term outlook remains bearish with supports at 1.5590, 1.5540 and 1.5500 and resistances at 1.5665, 1.5700 and 1.5735.
GBP/USD has traded between 1.5600-1.5635, unable to set fresh direction, amid thin markets and ahead of tomorrow’s UK GDP release. However, from broader view, GBP/USD remains near its 15-month low scored last week. At time of writing, GBP/USD is trading at 1.5620, effectively unchanged on the day.
GBP/USD technical outlook
“The Cable has been pretty much confined to 300 pips since mid November, unable to set up a clear direction, but at least resisting dollars’ strength”, said Valeria Bednarik, chief analyst at FXStreet. Meanwhile, the analyst notes the short-term outlook remains bearish with supports at 1.5590, 1.5540 and 1.5500 and resistances at 1.5665, 1.5700 and 1.5735.