28 Jul 2015
GBP/USD: stuck between 5-DMA and 10-DMA, awaits UK data
FXStreet (Mumbai) - The GBP bulls are having a tough time pushing the GBP/USD pair above its 10-DMA at 1.5580, while the bears lack strength to push it below its 5-DMA located at 1.5555.
Focus on UK data
Both sides await UK GDP data, which is expected to show a marked improvement in the growth rate in the second quarter. Economists believe low interest rates, decisive election results, higher incomes and narrowing trade deficit led to a 0.6% quarter-on-quarter expansion in the Q2 GDP.
The investors shall also keep an eye on the US services PMI and consumer confidence figure ahead of the US FOMC policy statement due for release tomorrow.
GBP/USD Technical Levels
The spot currently trades around 1.5560. The immediate resistance is located at 1.5580 (10-DMA) above which the spot could rise to 1.5648 (July 22 high). On the other hand, support is seen at 1.5555 (5-DMA) and 1.5530 (hourly 50-MA).
Focus on UK data
Both sides await UK GDP data, which is expected to show a marked improvement in the growth rate in the second quarter. Economists believe low interest rates, decisive election results, higher incomes and narrowing trade deficit led to a 0.6% quarter-on-quarter expansion in the Q2 GDP.
The investors shall also keep an eye on the US services PMI and consumer confidence figure ahead of the US FOMC policy statement due for release tomorrow.
GBP/USD Technical Levels
The spot currently trades around 1.5560. The immediate resistance is located at 1.5580 (10-DMA) above which the spot could rise to 1.5648 (July 22 high). On the other hand, support is seen at 1.5555 (5-DMA) and 1.5530 (hourly 50-MA).