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27 Aug 2015
GBP/USD testing lows near 1.5480
FXStreet (Mumbai) - The increased bid tone around the US dollar finally sweeps the cable off its feet, now pushing GBP/USD back near session lows below 1.55 handle.
GBP/USD fails to regain 1.5500
The GBP/USD pair trades 0.12% higher at 1.5479, finding stiff barrier at 1.5500. The cable gave up its struggle to reclaim 1.55 handle and trimmed gains, falling further towards the session lows, as the pound finally surrendered to the strengthening US dollar, riding higher on the back of stabilizing global equities and upbeat US durable goods data released in the US last session.
Moreover, Chinese markets bouncing today also bolstered the prevailing risk-sentiment, further increasing the demand for the newly pronounced risk currency – the USD. The US dollar index , a virtual measure of greenback’s strength now trades 0.10% higher at 95.38.
Markets now shift focus towards the US data due later today which may have major influence on the cable. US Q2 GDP report will be reported along with weekly jobless claims and pending home sales data.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5509 (Today’s High) above which gains could be extended to 1.5600 levels. On the flip side, support is seen at 1.5474 (Today’s Low) below which it could extend losses to 1.5449 (Aug 26 Low) levels.
GBP/USD fails to regain 1.5500
The GBP/USD pair trades 0.12% higher at 1.5479, finding stiff barrier at 1.5500. The cable gave up its struggle to reclaim 1.55 handle and trimmed gains, falling further towards the session lows, as the pound finally surrendered to the strengthening US dollar, riding higher on the back of stabilizing global equities and upbeat US durable goods data released in the US last session.
Moreover, Chinese markets bouncing today also bolstered the prevailing risk-sentiment, further increasing the demand for the newly pronounced risk currency – the USD. The US dollar index , a virtual measure of greenback’s strength now trades 0.10% higher at 95.38.
Markets now shift focus towards the US data due later today which may have major influence on the cable. US Q2 GDP report will be reported along with weekly jobless claims and pending home sales data.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5509 (Today’s High) above which gains could be extended to 1.5600 levels. On the flip side, support is seen at 1.5474 (Today’s Low) below which it could extend losses to 1.5449 (Aug 26 Low) levels.