13 Aug 2015
GBP/USD breaks above 1.5600; what's next?
FXStreet (New York) - The British Pound is back above 1.5600 against the US Dollar following a recovery phase from 1.5570 that drove the pair to current 1.5615. The GBP/USD is regaining, thus, the pre US retail sales range between 1.5600 and 1.5635.
Earlier in the day, the GBP/USD was sold at 1.5635 after the solid US retail sales data in July. Investors took data as one more clue on the possibilities for a Fed hike rate in September.
GBP to USD conversion now
Currently, GBP/USD is trading at 1.5613, flat on the day, having posted a daily high at 1.5639 and low at 1.5573. GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
Thursday is the second positive day for the British Pound in a row. Third bullish day of a week that seems ready to close positive after a negative finish last week. In the weekly chart, GBP/USD has been trading sideways between 1.5450 and 1.5660 since he first week of July.
GBP/USD levels
If the pair manages to consolidate gains above 1.5600, it will find resistances at 1.5630 and 1.5660 areas. To the downside, support are at 1.5570, 1.5550 and 1.5530.
According to FXStreet editor Omkar Godbole, 'On the upside, only a daily close above 1.5639 could open doors for +1.57 levels." On the other side, "on charts, only a break below 1.5467 on the 4-hour would mean the 4-week range has been breached on the downside."
Earlier in the day, the GBP/USD was sold at 1.5635 after the solid US retail sales data in July. Investors took data as one more clue on the possibilities for a Fed hike rate in September.
GBP to USD conversion now
Currently, GBP/USD is trading at 1.5613, flat on the day, having posted a daily high at 1.5639 and low at 1.5573. GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
Thursday is the second positive day for the British Pound in a row. Third bullish day of a week that seems ready to close positive after a negative finish last week. In the weekly chart, GBP/USD has been trading sideways between 1.5450 and 1.5660 since he first week of July.
GBP/USD levels
If the pair manages to consolidate gains above 1.5600, it will find resistances at 1.5630 and 1.5660 areas. To the downside, support are at 1.5570, 1.5550 and 1.5530.
According to FXStreet editor Omkar Godbole, 'On the upside, only a daily close above 1.5639 could open doors for +1.57 levels." On the other side, "on charts, only a break below 1.5467 on the 4-hour would mean the 4-week range has been breached on the downside."