28 Jul 2015
GBP/USD ticks higher ahead of the UK GDP data
FXStreet (Mumbai) - The GBP/USD pair has ticked higher to 1.5580 levels in anticipation of a strong UK second quarter GDP data due for release later today.
GBP/USD: Trades around hourly 200-MA
The spot recovered from the Asian session low at 1.5554 to trade around its hourly 200-MA currently located at 1.5574. The UK Q2 GDP due for release later today is likely to show the economy expanded 0.7% quarter-on-quarter compared to the previous number of 0.4%.
Ahead in the day, the investors shall also watch out for the US services PMI number and consumer confidence number. Meanwhile, stability in the major equity markets across the globe may push the Treasury yields higher and bring USD bulls back in the market.
GBP/USD Technical Levels
The immediate resistance is located at 1.5593 (61.8% Fib R of 1.5671-1.5467), above which the spot could rise to 1.5648 (July 22 high). On the other hand, support is seen at 1.5556 (hourly 100-MA) and 1.5530 (hourly 50-MA).
GBP/USD: Trades around hourly 200-MA
The spot recovered from the Asian session low at 1.5554 to trade around its hourly 200-MA currently located at 1.5574. The UK Q2 GDP due for release later today is likely to show the economy expanded 0.7% quarter-on-quarter compared to the previous number of 0.4%.
Ahead in the day, the investors shall also watch out for the US services PMI number and consumer confidence number. Meanwhile, stability in the major equity markets across the globe may push the Treasury yields higher and bring USD bulls back in the market.
GBP/USD Technical Levels
The immediate resistance is located at 1.5593 (61.8% Fib R of 1.5671-1.5467), above which the spot could rise to 1.5648 (July 22 high). On the other hand, support is seen at 1.5556 (hourly 100-MA) and 1.5530 (hourly 50-MA).