23 Jul 2015
GBP/USD sits comfortably above 1.56 ahead of UK data
FXStreet (Mumbai) - The GBP/USD pair hovers around 1.5615 ahead of the data in the UK, which could show retail sales in June grew at a faster rate than in May.
Cable supported by Key Fib level
The spot found support at 1.5607 earlier today, which is the 23.6% Fib resistance of Apr-June rally. The GBP bulls now await retail sales in the UK, which are expected to have grown by 4.9% y/y and 0.3% m/m in June. Core retail sales are also seen rising at a faster rate in June as compared to May.
Apart from the UK data, the markets shall also keep an eye on the weekly jobless claims in the US due later today. It will be interesting to see if the initial jobless claims stay below 300K for the 20th consecutive week.
GBP/USD Technical Levels
The spot faces immediate resistance at 1.5638 (38.2% of June rally), followed by another hurdle at the psychological level of 1.57. On the other hand, support is seen at 1.5607 and 1.5580.
Cable supported by Key Fib level
The spot found support at 1.5607 earlier today, which is the 23.6% Fib resistance of Apr-June rally. The GBP bulls now await retail sales in the UK, which are expected to have grown by 4.9% y/y and 0.3% m/m in June. Core retail sales are also seen rising at a faster rate in June as compared to May.
Apart from the UK data, the markets shall also keep an eye on the weekly jobless claims in the US due later today. It will be interesting to see if the initial jobless claims stay below 300K for the 20th consecutive week.
GBP/USD Technical Levels
The spot faces immediate resistance at 1.5638 (38.2% of June rally), followed by another hurdle at the psychological level of 1.57. On the other hand, support is seen at 1.5607 and 1.5580.