18 Aug 2015
GBP/USD retreats below 1.5700; back under key level
FXStreet (Córdoba) - GBP/USD retreated further during the American session and dropped back below the 1.5670 area, trimming gains. Earlier the pound jumped in the market after the release of inflation data from the United Kingdom and pushed GBP/USD to 1.5717, the highest level since July 1.
After hitting the strongest level in more than a month the pair retreated as the dollar gained momentum in the market, boosted by risk aversion and better-than-expected US housing data.
GBP/USD back below important level
The pair today not only traded above 1.5700 but on top of the 1.5670/90 area that become a key resistance area, that limited the upside since the beginning of July. The pound is still up for the day against the US dollar but is back under the mentioned key area.
If it fails to consolidate on top of 1.5670 it would be back to the trading range between 1.5450 and 1.5680, that prevails since July 13.
After hitting the strongest level in more than a month the pair retreated as the dollar gained momentum in the market, boosted by risk aversion and better-than-expected US housing data.
GBP/USD back below important level
The pair today not only traded above 1.5700 but on top of the 1.5670/90 area that become a key resistance area, that limited the upside since the beginning of July. The pound is still up for the day against the US dollar but is back under the mentioned key area.
If it fails to consolidate on top of 1.5670 it would be back to the trading range between 1.5450 and 1.5680, that prevails since July 13.