31 Jul 2015
GBP/USD struggles to recover above hourly 200-MA
FXStreet (Mumbai) - The GBP/USD pair is being offered once again after the corrective move from the session low of 1.5550 stalled at the hourly 200-MA located at 1.5576.
Back below 38.2% Fib of July 14-Apr 15 plunge
The spot is back below 1.5568; 38.2% retracement of the drop seen from July 14 to April 15. The British Pound is also suffering due to the rise in the EUR/GBP cross after the data showed the Eurozone core CPI ticked higher in July.
The focus now shifts to the US data – Employment cost index followed by the Reuters/Michigan index for the current month. Month end adjustment in market positioning could create erratic moves in the pair.
GBP/USD Technical Levels
The spot now trades around 1.5565. The immediate resistance is seen at 1.5576 (hourly 200-MA), followed by resistance at 1.56 handle. The support is seen at 1.5548 (daily low) and 1.55 handle.
Back below 38.2% Fib of July 14-Apr 15 plunge
The spot is back below 1.5568; 38.2% retracement of the drop seen from July 14 to April 15. The British Pound is also suffering due to the rise in the EUR/GBP cross after the data showed the Eurozone core CPI ticked higher in July.
The focus now shifts to the US data – Employment cost index followed by the Reuters/Michigan index for the current month. Month end adjustment in market positioning could create erratic moves in the pair.
GBP/USD Technical Levels
The spot now trades around 1.5565. The immediate resistance is seen at 1.5576 (hourly 200-MA), followed by resistance at 1.56 handle. The support is seen at 1.5548 (daily low) and 1.55 handle.