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21 May 2015
GBP/USD extends gains to 1.5685
FXStreet (Mumbai) - The British Pound continues to extend gains, taking the GBP/USD pair to fresh session high of 1.5688 as investors cheer the rebound in UK retail sales in the month of April.
GBP/USD: Would it break above 1.57?
The GBP/USD pair has rallied more than 150 pips for the day, with most of the gains driven by the rebound in the UK retail sales. Whether or not the pair would breach the 1.57 handle now depends on the US macro data – weekly jobless claims, regional manufacturing indices, and Existing home sales data.
The focus is more likely to be on the weekly jobless claims, which are holding near 15-year lows. Existing home sales and regional manufacturing indices too would chip-in with moderate influence on the pair.
GBP/USD Technical Levels
The immediate resistance is seen at the psychological level of 1.57, above which the pair could rise to 1.5744. On the other hand, a break below 1.5660 (10-DMA) could drive the pair lower to 1.5624 (5-DMA).
GBP/USD: Would it break above 1.57?
The GBP/USD pair has rallied more than 150 pips for the day, with most of the gains driven by the rebound in the UK retail sales. Whether or not the pair would breach the 1.57 handle now depends on the US macro data – weekly jobless claims, regional manufacturing indices, and Existing home sales data.
The focus is more likely to be on the weekly jobless claims, which are holding near 15-year lows. Existing home sales and regional manufacturing indices too would chip-in with moderate influence on the pair.
GBP/USD Technical Levels
The immediate resistance is seen at the psychological level of 1.57, above which the pair could rise to 1.5744. On the other hand, a break below 1.5660 (10-DMA) could drive the pair lower to 1.5624 (5-DMA).