10 Jul 2015
GBP/USD prints a high of 1.5486
FXStreet (Mumbai) - The GBP/USD pair extended gains to hit a fresh session high of 1.5486 as the investors cheer the narrowest UK trade deficit since June 2013.
GBP/USD: takes out 61.8% Fib resistance
The spot took out the 61.8% Fib Retracement of the June rally located at 1.5460. The pair breached the 60-pip range of 1.5410-1.5350 after the UK trade deficit narrowed to GBP 393 billion in May, its narrowest since June 2013.
Moreover, the UK exports to the Eurozone nations increased, contrary to the PMI reports, which showed a drop in the new export orders due to strong GBP. Meanwhile, the European currencies are also buoyed by the increased hopes of Greek deal.
GBP/USD Technical Levels
The pair currently around at 1.5480. The immediate resistance is located at 1.55, above which the spot could target 1.5544 (200-MA). On the flip side, a break below 1.5460 (61.8% of June rally), could see the pair fall back to 1.5410-1.54.
GBP/USD: takes out 61.8% Fib resistance
The spot took out the 61.8% Fib Retracement of the June rally located at 1.5460. The pair breached the 60-pip range of 1.5410-1.5350 after the UK trade deficit narrowed to GBP 393 billion in May, its narrowest since June 2013.
Moreover, the UK exports to the Eurozone nations increased, contrary to the PMI reports, which showed a drop in the new export orders due to strong GBP. Meanwhile, the European currencies are also buoyed by the increased hopes of Greek deal.
GBP/USD Technical Levels
The pair currently around at 1.5480. The immediate resistance is located at 1.55, above which the spot could target 1.5544 (200-MA). On the flip side, a break below 1.5460 (61.8% of June rally), could see the pair fall back to 1.5410-1.54.