27 Jul 2015
GBP/USD drops below 1.55
FXStreet (Mumbai) - The GBP/USD fell below 1.55 handle after fresh offers hit the spot at the session high of 1.5545.
GBP weak despite recovery in Gold
The bullish move in the GBP/USD pair fizzled out despite the FX markets ditching the USD in line with the sharp rise in Gold. The pair ran into offers close to 1.5549, which is the 50% Fib retracement of rally witnessed in June.
Ahead in the day, the UK CBI total trends data may trigger minor moves in the pair. However, the movement in Gold is likely to dominate the FX markets ahead of the US durable goods release.
GBP/USD Technical Levels
The pair currently trades around 1.5505 after having hit a low of 1.5490. The immediate resistance is seen on the hourly chart at 1.5528, followed by a major resistance at 1.5549 (50% of June rally). On the flip side, a break below 1.5490 (daily low) could open doors for 1.5467 (Friday’s low).
GBP weak despite recovery in Gold
The bullish move in the GBP/USD pair fizzled out despite the FX markets ditching the USD in line with the sharp rise in Gold. The pair ran into offers close to 1.5549, which is the 50% Fib retracement of rally witnessed in June.
Ahead in the day, the UK CBI total trends data may trigger minor moves in the pair. However, the movement in Gold is likely to dominate the FX markets ahead of the US durable goods release.
GBP/USD Technical Levels
The pair currently trades around 1.5505 after having hit a low of 1.5490. The immediate resistance is seen on the hourly chart at 1.5528, followed by a major resistance at 1.5549 (50% of June rally). On the flip side, a break below 1.5490 (daily low) could open doors for 1.5467 (Friday’s low).