17 Aug 2015
GBP/USD drops below 1.5600
FXStreet (Córdoba) - GBP/USD reached a 2-week high during the Asian session and recently hit the lowest level since last Thursday. The pair bottomed at 1.5577 and currently trades below 1.5600.
Earlier the pair rose to 1.5687, reaching the strongest level since July 29. But failed to hold above 1.5660 and lost momentum as the pound weakened across the board. Cable accelerated to the downside below 1.5615, despite weak economic data from the US, where the Empire manufacturing index declined to -14.92 from 3.86.
Price action remained limited on Monday in the currency market. Greenback lost strength against commodity currencies but is rising against the pound and the euro. Stocks in the US area rising modestly with the Dow Jones up 0.20% and the Nasdaq 0.35%; in Europe finished with mixed results.
GBP/USD technical levels
To the upside, resistance levels might lie at 1.5620, 1.5645 and 1.5685/90 (daily high). On the flip side support could be located at 1.5570/75 (August 13 low), 1.5555 and 1.5500.
Earlier the pair rose to 1.5687, reaching the strongest level since July 29. But failed to hold above 1.5660 and lost momentum as the pound weakened across the board. Cable accelerated to the downside below 1.5615, despite weak economic data from the US, where the Empire manufacturing index declined to -14.92 from 3.86.
Price action remained limited on Monday in the currency market. Greenback lost strength against commodity currencies but is rising against the pound and the euro. Stocks in the US area rising modestly with the Dow Jones up 0.20% and the Nasdaq 0.35%; in Europe finished with mixed results.
GBP/USD technical levels
To the upside, resistance levels might lie at 1.5620, 1.5645 and 1.5685/90 (daily high). On the flip side support could be located at 1.5570/75 (August 13 low), 1.5555 and 1.5500.