14 Jul 2015
GBP/USD climbs above 1.5600 as dollar weakens
FXStreet (Córdoba) - GBP/USD extended gains and printed fresh highs at the beginning of the American session as the greenback weakened broadly following an unexpected drop in US retail sales.
US retail sales dropped 0.3%, missing expectations of a rise of 0.3% rise, while figures for the prior two months were also downwardly revised. Disappointing data pressured down expectations of a Fed rate hike later this year as attention turns to Fed’s Yellen testimony tomorrow.
GBP/USD edged higher and reached a peak of 1.5633. However, most of Cable’s gains were inspired by BoE Governor Carney saying that the time for BoE rate increase is moving closer. At time of writing, the pair is trading at 1.5602, recording a 0.75% daily gain.
GBP/USD levels to watch
In terms of technical levels, on the upside immediate resistances line up at 1.5633 (Jul 14 high), 1.5648 (21-day SMA) and 1.5700 (psychological level). On the flip side, supports are seen at 1.5450 (Jul 14 low), 1.5430 (200-day SMA) and 1.5400 (psychological level).
US retail sales dropped 0.3%, missing expectations of a rise of 0.3% rise, while figures for the prior two months were also downwardly revised. Disappointing data pressured down expectations of a Fed rate hike later this year as attention turns to Fed’s Yellen testimony tomorrow.
GBP/USD edged higher and reached a peak of 1.5633. However, most of Cable’s gains were inspired by BoE Governor Carney saying that the time for BoE rate increase is moving closer. At time of writing, the pair is trading at 1.5602, recording a 0.75% daily gain.
GBP/USD levels to watch
In terms of technical levels, on the upside immediate resistances line up at 1.5633 (Jul 14 high), 1.5648 (21-day SMA) and 1.5700 (psychological level). On the flip side, supports are seen at 1.5450 (Jul 14 low), 1.5430 (200-day SMA) and 1.5400 (psychological level).