10 Jul 2015
GBP/USD tests 1.5500
FXStreet (Mumbai) - GBP/USD continues to gather steam in the European session, fighting for 1.55 handle, although faced rejection at 1.5499 highs. The cable extends its upbeat momentum as fresh Greek hopes spurred generalized risk-on moods, with investors rushing to riskier assets.
GBP/USD rises from 1.5480
The GBP/USD pair trades 0.71% higher at 1.5489, retreating from fresh session highs of 1.5499. The major rallies this session tracking heavy gains seen in the European currency as markets seem to have bought the latest chatter on a potential Greek deal to be struck today.
Moreover, traders react positively to the stronger than expected UK trade balance data, boosting the pound further. The UK trade deficit for May shrank from -£1,834 million (downwardly revised from -£1,202 million) to £-393 million, while markets had expected the deficit to widen to -£2,150 million.
Meanwhile, from the US macro space, there are no news on the agenda on Friday, focus will remain only on FOMC's Chair Janet Yellen speech about the US economic outlook in Cleveland.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5499 (Today’s High) above which gains could be extended to 1.5554 (June 10 High) levels. On the flip side, support is seen at 1.5385 (Today’s Low) below which it could extend losses to 1.5328 (July 8 Low) levels.
GBP/USD rises from 1.5480
The GBP/USD pair trades 0.71% higher at 1.5489, retreating from fresh session highs of 1.5499. The major rallies this session tracking heavy gains seen in the European currency as markets seem to have bought the latest chatter on a potential Greek deal to be struck today.
Moreover, traders react positively to the stronger than expected UK trade balance data, boosting the pound further. The UK trade deficit for May shrank from -£1,834 million (downwardly revised from -£1,202 million) to £-393 million, while markets had expected the deficit to widen to -£2,150 million.
Meanwhile, from the US macro space, there are no news on the agenda on Friday, focus will remain only on FOMC's Chair Janet Yellen speech about the US economic outlook in Cleveland.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5499 (Today’s High) above which gains could be extended to 1.5554 (June 10 High) levels. On the flip side, support is seen at 1.5385 (Today’s Low) below which it could extend losses to 1.5328 (July 8 Low) levels.