12 Aug 2015
GBP/USD hits fresh session highs near 1.5580
FXStreet (Mumbai) - GBP/USD reversed previous losses and attempts another run towards 1.56 barrier in the early moves, as the greenback erased PBOC risk-off-led gains and slipped back into losses pushing the pound higher.
GBP/USD rises from 1.5535
The GBP/USD pair trades modestly flat at 1.5573, easing-off fresh session highs reached at 1.5582 some minutes ago. The major witnessed sharp moves and extends its choppy trend into the European morning with the GBP recovering losses and struggling to extend gains despite heavy losses seen in the greenback.
The US dollar index, a virtual gauge of greenback’s strength, now trades -0.21% lower at 97.04. The latest set of downbeat Chinese economic data failed to dampen market sentiments and hence did not lift the demand for the US currency as a safe-haven.
Markets now remain cautious ahead of UK employment data due later this session. The main ILO 3-month unemployment rate is expected to remain at 5.6%, the same as in May.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5590 (Aug 6 High) above which gains could be extended to 1.5638 (Aug 6 High) levels. On the flip side, support is seen at 1.5535 (Today’s Low) below which it could extend losses to 1.5466 (Aug 6 Low) levels.
GBP/USD rises from 1.5535
The GBP/USD pair trades modestly flat at 1.5573, easing-off fresh session highs reached at 1.5582 some minutes ago. The major witnessed sharp moves and extends its choppy trend into the European morning with the GBP recovering losses and struggling to extend gains despite heavy losses seen in the greenback.
The US dollar index, a virtual gauge of greenback’s strength, now trades -0.21% lower at 97.04. The latest set of downbeat Chinese economic data failed to dampen market sentiments and hence did not lift the demand for the US currency as a safe-haven.
Markets now remain cautious ahead of UK employment data due later this session. The main ILO 3-month unemployment rate is expected to remain at 5.6%, the same as in May.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5590 (Aug 6 High) above which gains could be extended to 1.5638 (Aug 6 High) levels. On the flip side, support is seen at 1.5535 (Today’s Low) below which it could extend losses to 1.5466 (Aug 6 Low) levels.