FXStreet (Mumbai) - The GBP/USD is revisiting the weekly highs around 1.5710 as the dovish Fed minutes and the risk aversion led to a drop in the September rate hike bets.
Awaits breakout
The spot struggled to witness an upside breakout from the range of 1.5460-1.5690 throughout the week. Sterling printed an intraday high of 1.5619 on Tuesday, but suffered a daily close below 1.5690. Another attempt is today, but it remains to be seen if the spot actually closes above 1.5690.
The UK public sector net borrowing figure due for release today may not get the attention amid risk aversion in the financial markets. Ahead in the day, the US manufacturing PMI print could influence the pair.
Awaits breakout
The spot struggled to witness an upside breakout from the range of 1.5460-1.5690 throughout the week. Sterling printed an intraday high of 1.5619 on Tuesday, but suffered a daily close below 1.5690. Another attempt is today, but it remains to be seen if the spot actually closes above 1.5690.
The UK public sector net borrowing figure due for release today may not get the attention amid risk aversion in the financial markets. Ahead in the day, the US manufacturing PMI print could influence the pair.
GBP/USD Technical Levels
The spot currently trades around 1.5703. The immediate resistance is seen at 1.5619 (weekly high), above which the spot could target 1.5750 (23.6% of June rally). On the other hand, support is seen at 1.5690 and 1.5639 (38.2% of June rally).
The spot currently trades around 1.5703. The immediate resistance is seen at 1.5619 (weekly high), above which the spot could target 1.5750 (23.6% of June rally). On the other hand, support is seen at 1.5690 and 1.5639 (38.2% of June rally).
| News provided by: |  |
No comments:
Post a Comment