23 Jul 2015
GBP/USD drops to 1.5550 after US data
FXStreet (Mumbai) - The bid tone on the USD strengthened, pushing the GBP/USD pair to a session low of 1.5550 after the labour department data in the US showed the initial jobless claims last week fell to its lowest in four decades.
GBP/USD: Supported by the 50% Fib of June rally
The cable appears to have found support at 1.5549, which is the 50% fib retracement of the rally witnessed in June. The spot fell about 40 pips from 1.5590 after the weekly jobless claims data in the US by 26,000 to 255,000 in the week ended July 18, the fewest since November 1973. The initial jobless claims stayed below 300K for the 20th consecutive week
Stronger US data only added to the weak tone on the GBP triggered by the unexpected drop in the UK retail sales in June reported earlier today.
GBP/USD Technical Levels
The pair currently trades around 1.5555. The immediate support is seen at 1.5549 (50% Fib R of June rally), followed by another support at the psychological level of 1.55 handle. On the other hand, resistance is seen at 1.5589 (50-DMA) and 1.5638 (38.2% Fib R of June rally).
GBP/USD: Supported by the 50% Fib of June rally
The cable appears to have found support at 1.5549, which is the 50% fib retracement of the rally witnessed in June. The spot fell about 40 pips from 1.5590 after the weekly jobless claims data in the US by 26,000 to 255,000 in the week ended July 18, the fewest since November 1973. The initial jobless claims stayed below 300K for the 20th consecutive week
Stronger US data only added to the weak tone on the GBP triggered by the unexpected drop in the UK retail sales in June reported earlier today.
GBP/USD Technical Levels
The pair currently trades around 1.5555. The immediate support is seen at 1.5549 (50% Fib R of June rally), followed by another support at the psychological level of 1.55 handle. On the other hand, resistance is seen at 1.5589 (50-DMA) and 1.5638 (38.2% Fib R of June rally).