10 Jul 2015
GBP/USD: Will it rise above 1.5410?
FXStreet (Mumbai) - The GBP/USD pair has recovered from the low of 1.5364 to trade closer to 1.5410, a level which acted as a strong resistance throughout the previous session.
GBP eyes UK trade deficit
The UK trade balance data, due for release today, is likely to show deficit increased in May. The Bank of England cautioned earlier this month that the trade deficit could become a risk. Consequently, the deficit number could play an important role in deciding whether the pair takes out resistance at 1.5410 or is pushed lower once again.
Apart from the trade deficit number, the pair could also be influenced by the Greek related news flow and the resulting action in the EUR/GBP cross.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5410-1.5420, above which the pair could rise to 1.5460 (61.8% Fib of June rally). On the other hand, support is seen at 1.54, under which the pair could fall back to 1.5350.
GBP eyes UK trade deficit
The UK trade balance data, due for release today, is likely to show deficit increased in May. The Bank of England cautioned earlier this month that the trade deficit could become a risk. Consequently, the deficit number could play an important role in deciding whether the pair takes out resistance at 1.5410 or is pushed lower once again.
Apart from the trade deficit number, the pair could also be influenced by the Greek related news flow and the resulting action in the EUR/GBP cross.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5410-1.5420, above which the pair could rise to 1.5460 (61.8% Fib of June rally). On the other hand, support is seen at 1.54, under which the pair could fall back to 1.5350.