24 Aug 2015
GBP/USD testing highs near 1.5720
FXStreet (Mumbai) - The bid tone surrounding the GBP/USD pair remains untouched in the European session, as the pound reversed early losses and remains firmer versus the US dollar amid risk-off market profile.
GBP/USD holds above 1.57 handle
The GBP/USD pair trades 0.16% higher at 1.5718, having posted a high at 1.5727 and a low at 1.5631. The cable manages to hold gains amid risk-off sentiments fuelled by China worries while broadly lower US dollar on fading Sept rate hike expectations after the recent dovish FOMC minutes.
However, falling oil prices continue to weigh on UK’s mining and energy sector, keeping the upside in GBP/USD restricted. While markets completely shrugged off upbeat growth forecasts by CBI on the UK economy.
The UK economy is estimated to rise 2.6% this year, before accelerating further to 2.8% next year, the Confederation of British Industries (CBI) said on Monday. Both figures are higher than its previous estimates.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5778 (June 30 High) above which gains could be extended to 1.5800 levels. On the flip side, support is seen at 1.5631 (Today’s Low) below which it could extend losses to 1.5604 (Aug 20 Low) levels.
GBP/USD holds above 1.57 handle
The GBP/USD pair trades 0.16% higher at 1.5718, having posted a high at 1.5727 and a low at 1.5631. The cable manages to hold gains amid risk-off sentiments fuelled by China worries while broadly lower US dollar on fading Sept rate hike expectations after the recent dovish FOMC minutes.
However, falling oil prices continue to weigh on UK’s mining and energy sector, keeping the upside in GBP/USD restricted. While markets completely shrugged off upbeat growth forecasts by CBI on the UK economy.
The UK economy is estimated to rise 2.6% this year, before accelerating further to 2.8% next year, the Confederation of British Industries (CBI) said on Monday. Both figures are higher than its previous estimates.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5778 (June 30 High) above which gains could be extended to 1.5800 levels. On the flip side, support is seen at 1.5631 (Today’s Low) below which it could extend losses to 1.5604 (Aug 20 Low) levels.