7 Aug 2015
GBP/USD hovers above 1.56 ahead of UK trade data
FXStreet (Mumbai) - The GBP/USD spot is witnessing consolidation around 1.5620 levels ahead of the data in the UK, which is expected to show the UK trade deficit widened in June.
Stuck below 38.2% of Thursday’s plunge
The spot is trading below 1.5532; which is the 38.2% Fib level of the plunge witnessed in the previous session from 1.5637 to 1.5467; after having struggled to recover above the same in the NY session. The immediate focus is on whether the UK trade figures show a drop in the exports as highlighted in advance by the PMI reports of the last few months.
Live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam
Ahead in the day, the spot is at the mercy of the July Non-farm payrolls report which is expected to show the economy added 225K jobs.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5532 (38.2% of 1.5637-1.5467), followed by the resistance at 1.5568 (50-DMA and 38.2% of Jul 14-Apr 15 plunge). On the other hand, support is seen at 1.55 and 1.5467 (July 24 low).
Stuck below 38.2% of Thursday’s plunge
The spot is trading below 1.5532; which is the 38.2% Fib level of the plunge witnessed in the previous session from 1.5637 to 1.5467; after having struggled to recover above the same in the NY session. The immediate focus is on whether the UK trade figures show a drop in the exports as highlighted in advance by the PMI reports of the last few months.
Live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam
Ahead in the day, the spot is at the mercy of the July Non-farm payrolls report which is expected to show the economy added 225K jobs.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5532 (38.2% of 1.5637-1.5467), followed by the resistance at 1.5568 (50-DMA and 38.2% of Jul 14-Apr 15 plunge). On the other hand, support is seen at 1.55 and 1.5467 (July 24 low).