30 Jul 2015
GBP/USD: Bulls striving hard to extend gains above 1.5630
FXStreet (Mumbai) - The bid tone on the GBP/USD ensured the spot recovered above 1.56, but the bulls are struggling to extend gains above 1.5630 levels.
Trades above hourly 50-MA
The spot is trading above its hourly 50-MA located at 1.5613, but the offers around 1.5623-1.5630 is making the life difficult for the bulls. Still, the British Pound is one of the strongest major currencies today as the slightly hawkish tone of the FOMC statement has kept other currencies under pressure against the USD.
Ahead in the day, the spot could be influenced by the preliminary Q2 US GDP data and weekly jobless claims number.
GBP/USD Technical Levels
The immediate support is seen at 1.5568 (38.2% of Jul 14-Apr 15 plunge), followed by another support at 1.5545 (50-DMA). On the other hand, resistance is seen at 1.5639 (38.2% of June rally) and 1.5690.
Trades above hourly 50-MA
The spot is trading above its hourly 50-MA located at 1.5613, but the offers around 1.5623-1.5630 is making the life difficult for the bulls. Still, the British Pound is one of the strongest major currencies today as the slightly hawkish tone of the FOMC statement has kept other currencies under pressure against the USD.
Ahead in the day, the spot could be influenced by the preliminary Q2 US GDP data and weekly jobless claims number.
GBP/USD Technical Levels
The immediate support is seen at 1.5568 (38.2% of Jul 14-Apr 15 plunge), followed by another support at 1.5545 (50-DMA). On the other hand, resistance is seen at 1.5639 (38.2% of June rally) and 1.5690.