2 Jul 2015
GBP/USD struggles to extend gains above 1.56
FXStreet (Mumbai) - The GBP/USD pair is struggling to extend gains above 1.56 after having suffered more than 100-pip loss in the previous session.
Focus on US Non-farm payrolls data
The UK calendar does not offer first tier economic data releases. Consequently, the focus remains on the US non-farm payrolls data due for release later today. The US economy is widely expected to have added 230K jobs in June. The weekly initial jobless claims and continuing claims are also due for release today.
Watch the NonFarm Payrolls Live Coverage with Valeria Bednarik and Dale Pinkert
Meanwhile, the noise surrounding the Greece issue could trigger volatility in the European session.
GBP/USD Technical Levels
The pair currently trades at 1.5608. The immediate resistance is seen at 1.5638 (38.2% Fib of June rally), above which gains could be extended to 1.5667. On the flip side, a break below 1.56 could push the pair down to 1.5549 (50% Fib R of June rally).
Focus on US Non-farm payrolls data
The UK calendar does not offer first tier economic data releases. Consequently, the focus remains on the US non-farm payrolls data due for release later today. The US economy is widely expected to have added 230K jobs in June. The weekly initial jobless claims and continuing claims are also due for release today.
Watch the NonFarm Payrolls Live Coverage with Valeria Bednarik and Dale Pinkert
Meanwhile, the noise surrounding the Greece issue could trigger volatility in the European session.
GBP/USD Technical Levels
The pair currently trades at 1.5608. The immediate resistance is seen at 1.5638 (38.2% Fib of June rally), above which gains could be extended to 1.5667. On the flip side, a break below 1.56 could push the pair down to 1.5549 (50% Fib R of June rally).