1 Jul 2015
GBP/USD hits 2-week lows after US data
FXStreet (Córdoba) - GBP/USD remains under pressure at the beginning of the American session amid widespread dollar strength that was fueled by a string op upbeat US data.
US manufacturing PMI rose to 53.5 in June and reached its highest level since January, according to the Institute of Supply Management (ISM) (exp 53.2 prev 52.8). Meanwhile, US construction spending rose 0.8% in May, beating expectations of 0.5% but slowing from 2.1% in April.
GBP/USD price action
Data helped the dollar that extended gains across the board. GBP/USD fell further and scored a 2-week low of 1.5619 in recent dealings. The 21-day SMA stands as immediate support at 1.5615 and a break below would pave the way to 1.5540 (Jun 16 low) as next target. On the other hand, resistances could be found at 1.5732 (Jul 1 high) and 1.5756 (10-day SMA).
US manufacturing PMI rose to 53.5 in June and reached its highest level since January, according to the Institute of Supply Management (ISM) (exp 53.2 prev 52.8). Meanwhile, US construction spending rose 0.8% in May, beating expectations of 0.5% but slowing from 2.1% in April.
GBP/USD price action
Data helped the dollar that extended gains across the board. GBP/USD fell further and scored a 2-week low of 1.5619 in recent dealings. The 21-day SMA stands as immediate support at 1.5615 and a break below would pave the way to 1.5540 (Jun 16 low) as next target. On the other hand, resistances could be found at 1.5732 (Jul 1 high) and 1.5756 (10-day SMA).