27 Jul 2015
GBP/USD: Bulls lack strength, offered at 1.5538
FXStreet (Mumbai) - The GBP/USD pair has erased moderate gains seen in the Asian session today to trade around 1.5520.
Struggles to rise above hourly 50-MA
The GBP bulls have had a difficult time pushing the pair above its hourly 50-MA since the early Asian session today. The average is currently located at 1.5525. Moreover, the US currency lost ground earlier today following the poor US housing data released on Friday.
However, the GBP bulls remain demoralized after the last week’s dismal UK retail sales print. The investors would watch out for a UK preliminary GDP report due on Tuesday, July 28 and the US advance GDP report due on Thursday, July 30. As for today, the UK CBI total trends figure and US durable goods figure could affect the pair.
GBP/USD Technical Levels
The immediate resistance is located at 1.5549 (50% of June rally), followed by another resistance at 1.5583 (hourly 200-MA). On the flip side, support is seen at 1.55 handle and 1.5467 (Friday’s low).
Struggles to rise above hourly 50-MA
The GBP bulls have had a difficult time pushing the pair above its hourly 50-MA since the early Asian session today. The average is currently located at 1.5525. Moreover, the US currency lost ground earlier today following the poor US housing data released on Friday.
However, the GBP bulls remain demoralized after the last week’s dismal UK retail sales print. The investors would watch out for a UK preliminary GDP report due on Tuesday, July 28 and the US advance GDP report due on Thursday, July 30. As for today, the UK CBI total trends figure and US durable goods figure could affect the pair.
GBP/USD Technical Levels
The immediate resistance is located at 1.5549 (50% of June rally), followed by another resistance at 1.5583 (hourly 200-MA). On the flip side, support is seen at 1.55 handle and 1.5467 (Friday’s low).