31 Jul 2015
GBP/USD: Bulls losing grip, back below 1.56
FXStreet (Mumbai) - Fresh offers hit the GBP/USD pair at a high of 1.5616, thereby pushing it to a session low of 1.5568 in the early European session.
Hovers below hourly 200-MA
The spot currently trades just below the hourly 200-MA currently located at 1.5574. The pair failed to sustain above its hourly 50-MA 1.5610, after which the bears hit the markets with fresh offers. The spot is now trading closer to 1.5568 (38.2% of 1.7191-1.4565).
The Sterling was resilient to the rise in the US rate hike bets after the release of the upbeat Q2 US GDP report on Thursday. However, the sudden exhaustion in the GBP bulls has increased the probability of the spot falling into weekly loss.
GBP/USD Technical Levels
The immediate support is seen at 1.5547 (50-DMA), under which the spot could drop to 1.55 handle. On the other hand, resistance is seen at 1.56 and 1.5638 (38.2% of June rally).
Hovers below hourly 200-MA
The spot currently trades just below the hourly 200-MA currently located at 1.5574. The pair failed to sustain above its hourly 50-MA 1.5610, after which the bears hit the markets with fresh offers. The spot is now trading closer to 1.5568 (38.2% of 1.7191-1.4565).
The Sterling was resilient to the rise in the US rate hike bets after the release of the upbeat Q2 US GDP report on Thursday. However, the sudden exhaustion in the GBP bulls has increased the probability of the spot falling into weekly loss.
GBP/USD Technical Levels
The immediate support is seen at 1.5547 (50-DMA), under which the spot could drop to 1.55 handle. On the other hand, resistance is seen at 1.56 and 1.5638 (38.2% of June rally).