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28 Jul 2015
GBP/USD trims GDP-inspired gains
FXStreet (Córdoba) - GBP/USD has retraced half of its intraday range over the last hours as the euphoria post UK GDP faded and the dollar stages a mild comeback after some heavy losses on Monday.
GBP/USD rallied near a full cent and reached a peak of 1.5617 during the European session following the release of solid UK gross domestic product figures. However, Cable failed to sustain gains and pulled back to the 1.5575 zone, where it is currently trading, still 0.13% above its opening price.
Attention turns to the Federal Reserve policy decision to be announced on Wednesday as turmoil in China and falling commodity prices have delayed expectations for the lift-off.
GBP/USD levels to watch
In terms of technical levels, GBP/USD could find next resistances at 1.5617 (Jul 28 high), 1.5670 (Jul 23 high) and 1.5700 (psychological level). On the flip side, supports are seen at 1.5527 (Jul 28 low), 1.5500 (psychological level) and 1.5465 (Jul 24 low).
GBP/USD rallied near a full cent and reached a peak of 1.5617 during the European session following the release of solid UK gross domestic product figures. However, Cable failed to sustain gains and pulled back to the 1.5575 zone, where it is currently trading, still 0.13% above its opening price.
Attention turns to the Federal Reserve policy decision to be announced on Wednesday as turmoil in China and falling commodity prices have delayed expectations for the lift-off.
GBP/USD levels to watch
In terms of technical levels, GBP/USD could find next resistances at 1.5617 (Jul 28 high), 1.5670 (Jul 23 high) and 1.5700 (psychological level). On the flip side, supports are seen at 1.5527 (Jul 28 low), 1.5500 (psychological level) and 1.5465 (Jul 24 low).