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16 Jul 2015
GBP/USD breaks below 1.56 ahead of US data
FXStreet (Mumbai) - The bid tone on the USD strengthened, pushing the GBP/USD spot below 1.56 handle ahead of the weekly jobless claims data in the US.
Offered below 1.5607
The pair was offered after the spot broke below 1.5607 (23.6% of Apr-June rally). The US weekly initial jobless claims for the week ended July 10 are expected to print at 285K; down from the previous week’s print at 297K. That would be 19th consecutive week of a below 300K print.
Moreover, the spot could have also been dragged below 1.56 after the EUR/USD settled below 1.09 handle. Apart from the weekly claims, the spot could also be influenced by regional manufacturing index and Fed’s Yellen testimony.
GBP/USD Technical Levels
The spot currently trades around 1.5590. The immediate support is seen at 1.5576 (previous session’s low), under which the spot could target 1.5550 (50% Fib of June rally). On the other hand, resistance is seen at 1.5607 (23.6% fib R of Apr-June rally) and 1.5638 (38.2% Fib R of June rally).
Offered below 1.5607
The pair was offered after the spot broke below 1.5607 (23.6% of Apr-June rally). The US weekly initial jobless claims for the week ended July 10 are expected to print at 285K; down from the previous week’s print at 297K. That would be 19th consecutive week of a below 300K print.
Moreover, the spot could have also been dragged below 1.56 after the EUR/USD settled below 1.09 handle. Apart from the weekly claims, the spot could also be influenced by regional manufacturing index and Fed’s Yellen testimony.
GBP/USD Technical Levels
The spot currently trades around 1.5590. The immediate support is seen at 1.5576 (previous session’s low), under which the spot could target 1.5550 (50% Fib of June rally). On the other hand, resistance is seen at 1.5607 (23.6% fib R of Apr-June rally) and 1.5638 (38.2% Fib R of June rally).