3 Sep 2013
GBP/USD capped below 1.56 despite better UK PMI than expected
FXstreet.com (Barcelona) - The GBP/USD foreign exchange rate is last trading at 1.5548 still a +0.24% higher for the week retracing from Monday's weekly highs at 1.5598 printed on the back of better than expected UK manufacturing PMI by mid London trade.
GBP/USD showing a supportive tone
"The move to 1.5594 high last session is giving a supportive tone to this currency pair and current retreat should attract fresh buyers towards yesterday's low of 1.5506,” said the FXMarketAlerts Team, adding: “Above 1.5594 will trigger renewed strength towards 1.5610/38 then 1.5666.”
GBP/USD key technical levels
Immediate support to the downside for GBP/USD lies at recent session lows 1.5529, followed by Friday's lows at 1.5462, while to the upside closest resistance shows at August 22 lows 1.5562, followed by Monday's fresh weekly highs at 1.5598.
GBP/USD showing a supportive tone
"The move to 1.5594 high last session is giving a supportive tone to this currency pair and current retreat should attract fresh buyers towards yesterday's low of 1.5506,” said the FXMarketAlerts Team, adding: “Above 1.5594 will trigger renewed strength towards 1.5610/38 then 1.5666.”
GBP/USD key technical levels
Immediate support to the downside for GBP/USD lies at recent session lows 1.5529, followed by Friday's lows at 1.5462, while to the upside closest resistance shows at August 22 lows 1.5562, followed by Monday's fresh weekly highs at 1.5598.