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17 Jul 2015
GBP/USD: GBP bulls get the second wind, prints session high of 1.5647
FXStreet (Mumbai) - The GBP bulls got the second wind in the early European session, taking the GBP/USD pair to a fresh session high of 1.5647.
GBP bulls take out 38.2% fib resistance
The spot has taken out 1.5638, which is the 38.2% fib retracement of June rally. Moreover, the cable is also supported by the losses in the EUR/GBP pair. With no major data due out of the Europe today, the spot is at the mercy of the overall market sentiment and the movement in the EUR/GBP pair.
It remains to be seen if the pair managed to sustain above 1.5638, which has acted as a stiff resistance from the beginning of the current month.
GBP/USD Technical Levels
The pair currently trades around 1.5643. The immediate resistance is located at 1.5650, followed by another hurdle at 1.5675-1.5680. On the flip side, a break below 1.5638 could see the pair dip to 1.56.
GBP bulls take out 38.2% fib resistance
The spot has taken out 1.5638, which is the 38.2% fib retracement of June rally. Moreover, the cable is also supported by the losses in the EUR/GBP pair. With no major data due out of the Europe today, the spot is at the mercy of the overall market sentiment and the movement in the EUR/GBP pair.
It remains to be seen if the pair managed to sustain above 1.5638, which has acted as a stiff resistance from the beginning of the current month.
GBP/USD Technical Levels
The pair currently trades around 1.5643. The immediate resistance is located at 1.5650, followed by another hurdle at 1.5675-1.5680. On the flip side, a break below 1.5638 could see the pair dip to 1.56.