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20 Aug 2015
GBP/USD rebounds, rises toward 1.5700
FXStreet (Córdoba) - A decline of the US dollar across the board pushed GBP/USD again toward 1.5700. The pair was able to erase all losses and recovered after falling sharply during the European session following the release of a lower-than-expected retail sales report in the United Kingdom.
GBP/USD getting ready to test August highs
The pound is still down for the day against the Swiss franc and the euro, but versus the US dollar rebounded sharply and appears to be ready to rise back above 1.5700. If it climbs on top of the mentioned level, attention would turn to 1.5715 where August highs lie.
Currently it trades at 1.5680/85, after reaching 1.5695 (session high). Earlier the pair bottomed at 1.5606. It found support slightly above the daily 20-SMA.
Momentum still favors the upside, as the US dollar tumbles in the market, weakened after yesterday’s Fed minutes and today’s economic data that failed to offset expectations that the central bank would rise rates later than previously expected.
GBP/USD getting ready to test August highs
The pound is still down for the day against the Swiss franc and the euro, but versus the US dollar rebounded sharply and appears to be ready to rise back above 1.5700. If it climbs on top of the mentioned level, attention would turn to 1.5715 where August highs lie.
Currently it trades at 1.5680/85, after reaching 1.5695 (session high). Earlier the pair bottomed at 1.5606. It found support slightly above the daily 20-SMA.
Momentum still favors the upside, as the US dollar tumbles in the market, weakened after yesterday’s Fed minutes and today’s economic data that failed to offset expectations that the central bank would rise rates later than previously expected.