7 Jul 2015
GBP/USD pares losses, flirts with 1.5600
FXStreet (Mumbai) - The British pound erased most losses and trades modestly flat versus the US dollar in the European morning trades, bringing GBP/USD back near 1.56 handle. The cable paused its overnight descent and climbed higher ahead of Europe open as markets now industrial and manufacturing production data from the UK due to released later this session.
GBP/USD rises from 1.5584 lows
The GBP/USD pair trades flat at 1.5599, facing rejection just ahead of 1.56 barrier. The major struggles to gain momentum amid broad based US dollar strength supported by better-than expected US ISM non-manufacturing PMI report released on Monday. Meanwhile, the dollar index which measures the greenback’s strength against its major peers, now trades 0.17% higher at 96.59, retreating from session highs at 96.66.
Markets now turn their attention towards a set of factory data from the UK which will provide fresh impetus to the cable. UK industrial production results in May are seen as declining 0.2% on a monthly basis after the 0.4% gain reported in April, and adding 1.6% on an annual basis compared to the 1.2% growth reported a month ago.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5634 (July 6 High) above which gains could be extended to 1.5657 (June 16 High) levels. On the flip side, support is seen at 1.5539 (June 16 Low) below which it could extend losses to 1.5500 levels.
GBP/USD rises from 1.5584 lows
The GBP/USD pair trades flat at 1.5599, facing rejection just ahead of 1.56 barrier. The major struggles to gain momentum amid broad based US dollar strength supported by better-than expected US ISM non-manufacturing PMI report released on Monday. Meanwhile, the dollar index which measures the greenback’s strength against its major peers, now trades 0.17% higher at 96.59, retreating from session highs at 96.66.
Markets now turn their attention towards a set of factory data from the UK which will provide fresh impetus to the cable. UK industrial production results in May are seen as declining 0.2% on a monthly basis after the 0.4% gain reported in April, and adding 1.6% on an annual basis compared to the 1.2% growth reported a month ago.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5634 (July 6 High) above which gains could be extended to 1.5657 (June 16 High) levels. On the flip side, support is seen at 1.5539 (June 16 Low) below which it could extend losses to 1.5500 levels.