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17 Jul 2015
GBP/USD jumps to 1.5638
FXStreet (Mumbai) - The GBP/USD pair rose to a session high of 1.5638 in the Asian session and could end the week higher, thereby snapping the three week losing streak.
Gains capped at 1.5638
The pair has ran into the resistance at 1.5638, which is the 38.2% fib retracement of the rally witnessed in June. The spot now trades around 1.5625. Moreover, the 38-pip spike (1.5600-1.5638) lacked a major fundamental trigger.
The cable suffered losses on Thursday even though the Bank of England governor Mark Carney indicated that UK interest rates could rise "at the turn of this year". With no major UK data due for release, the pair could witness lacklustre trading ahead of the US CPI release.
GBP/USD Technical Levels
The immediate resistance is located at 1.5638 (38.2% Fib R of June rally), above which the spot could target 1.57. On the flip side, a break below the immediate support at 1.56 could see the pair re-test the previous session’s low at 1.5560.
Gains capped at 1.5638
The pair has ran into the resistance at 1.5638, which is the 38.2% fib retracement of the rally witnessed in June. The spot now trades around 1.5625. Moreover, the 38-pip spike (1.5600-1.5638) lacked a major fundamental trigger.
The cable suffered losses on Thursday even though the Bank of England governor Mark Carney indicated that UK interest rates could rise "at the turn of this year". With no major UK data due for release, the pair could witness lacklustre trading ahead of the US CPI release.
GBP/USD Technical Levels
The immediate resistance is located at 1.5638 (38.2% Fib R of June rally), above which the spot could target 1.57. On the flip side, a break below the immediate support at 1.56 could see the pair re-test the previous session’s low at 1.5560.