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21 May 2015
GBP/USD testing highs near 1.5670
FXStreet (Mumbai) - The British pound extends its upward trajectory and firms against the American dollar in the European session, with GBP/USD heading towards 1.57 handle, mainly driven by upbeat UK retail sales numbers which rose sharply in April. While broad based US dollar weakness also contributes to the upside in the major.
GBP/USD hovers near highs at 1.5667
The GBP/USD pair trades 0.83% higher at 1.5665, having posted session highs at 1.5667 levels. The cable extends its two-day rally largely on the back of a solid UK retail sales print which signalled economic recovery slightly back on track, fuelling BOE rate0hike bets.
Moreover, the US dollar remains heavily sold-off on the back of dovish Fed minutes release on Wednesday which pushed back June rate lift off in June. The dollar index, which measures the currency's strength against its major peers, trades near session lows at 95.20, recording a -0.47% loss on the day.
Meanwhile, markets now await a batch of US economic release later in the session while BOE Governor Carney’s speech due tomorrow will be also eagerly awaited.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5700 above which gains could be extended to 1.5751 (May 18 High) levels. On the flip side, support is seen at 1.5600 below which it could extend losses to 1.5526 (Today’s Low) levels.
GBP/USD hovers near highs at 1.5667
The GBP/USD pair trades 0.83% higher at 1.5665, having posted session highs at 1.5667 levels. The cable extends its two-day rally largely on the back of a solid UK retail sales print which signalled economic recovery slightly back on track, fuelling BOE rate0hike bets.
Moreover, the US dollar remains heavily sold-off on the back of dovish Fed minutes release on Wednesday which pushed back June rate lift off in June. The dollar index, which measures the currency's strength against its major peers, trades near session lows at 95.20, recording a -0.47% loss on the day.
Meanwhile, markets now await a batch of US economic release later in the session while BOE Governor Carney’s speech due tomorrow will be also eagerly awaited.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5700 above which gains could be extended to 1.5751 (May 18 High) levels. On the flip side, support is seen at 1.5600 below which it could extend losses to 1.5526 (Today’s Low) levels.