24 Aug 2015
GBP/USD: Bulls tighten grip, rises to 1.5750 – 2-month-highs
FXStreet (Mumbai) - The GBP bulls keeps pushing higher and regains complete control versus the US dollar in the European session, as the greenback keeps falling amid persisting risk-aversion while speculations over China fears induced Fed rate-hike delay also keeps the dollar undermined.
GBP/USD extends beyond 1.5700
The GBP/USD pair trades 0.29% higher at 1.5740, hovering close to two-month highs reached at 1.5750. GBP/USD continues to remain well bid this session as the British pound stands resilient despite lack of demand for riskier currencies amid a generalized risk-off environment after Chinese stock markets continued to crash, raising concerns over the health of China’s economy.
While, 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.
Markets are likely to track USD moves for further momentum on the cable as this week’s macro calendar holds less relevant data releases.
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 extends beyond 1.5700
The GBP/USD pair trades 0.29% higher at 1.5740, hovering close to two-month highs reached at 1.5750. GBP/USD continues to remain well bid this session as the British pound stands resilient despite lack of demand for riskier currencies amid a generalized risk-off environment after Chinese stock markets continued to crash, raising concerns over the health of China’s economy.
While, 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.
Markets are likely to track USD moves for further momentum on the cable as this week’s macro calendar holds less relevant data releases.
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.