14 Jul 2015
GBP/USD fails to sustain gains, back below 1.56
FXStreet (Córdoba) - GBP/USD has pulled back from highs back below the 1.56 mark as the greenback recovers ground across the board following a disappointing reading of US retail sales.
GBP/USD advanced sharply throughout the day, first propelled by BoE Carney hawkish comments and then fueled by an unexpected drop in June US retail sales. The pair reached a peak of 1.5633 at the beginning of the New York session but failed to hold at highs and dipped back to the 1.5555 zone.
The pound is among the best performers on Tuesday, underpinned by comments from BoE Governor Carney that said that the time for BoE rate increase is moving closer.
GBP/USD key levels
At time of writing, GBP/USD is trading at 1.5573, still up 0.57% on the day. On the upside, next resistances are seen at 1.5633 (Jul 14 high), 1.5648 (21-day SMA) and 1.5700 (psychological level). On the other hand, supports could be found at 1.5450 (Jul 14 low), 1.5430 (200-day SMA) and 1.5400 (psychological level).
GBP/USD advanced sharply throughout the day, first propelled by BoE Carney hawkish comments and then fueled by an unexpected drop in June US retail sales. The pair reached a peak of 1.5633 at the beginning of the New York session but failed to hold at highs and dipped back to the 1.5555 zone.
The pound is among the best performers on Tuesday, underpinned by comments from BoE Governor Carney that said that the time for BoE rate increase is moving closer.
GBP/USD key levels
At time of writing, GBP/USD is trading at 1.5573, still up 0.57% on the day. On the upside, next resistances are seen at 1.5633 (Jul 14 high), 1.5648 (21-day SMA) and 1.5700 (psychological level). On the other hand, supports could be found at 1.5450 (Jul 14 low), 1.5430 (200-day SMA) and 1.5400 (psychological level).