Back
15 May 2015
GBP/USD hits session lows near 1.5750
FXStreet (Mumbai) - The British pound lost ground once again versus the American dollar in the European session, knocking-off GBP/USD to fresh session lows, mainly driven by the rising greenback across the board caught by a renewed bid wave ahead of a host of US economic releases later today.
GBP/USD drops from 1.5773
The GBP/USD pair trades -0.16% at 1.5751, hovering near fresh session lows reached at 1.5747 some minutes ago. The cable dropped to low below 1.5750 levels largely on profit-taking after the recent strength which drove the pound beyond 1.58 barrier. While, the major extends its choppy trend amid lack of fresh triggers, in absence of significant macro data to be released during the European session.
The GBP/USD pair fell back in red after a sudeen spurt of buying witnessed in the US dollar against its major rivals. The dollar index, which measures the currency's strength against its major peers, drifts away from fresh three month lows and now trades session highs of 93.66, up 0.24% on the day.
Meanwhile, US data remains in focus later today, with figures released for industrial production in April and the manufacturing activity index for New York in May, with respective consensus of 0.0% over the months and a reading of 5.0. The risks would look to the downside given the lagged impact of the strong USD on exports and the downturn in the shale industry.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5800 above which gains could be extended to 1.5828 (Nov 17 High) levels. On the flip side, support is seen at 1.5726 (May 14 Low) below which it could extend losses to 1.5700 levels.
GBP/USD drops from 1.5773
The GBP/USD pair trades -0.16% at 1.5751, hovering near fresh session lows reached at 1.5747 some minutes ago. The cable dropped to low below 1.5750 levels largely on profit-taking after the recent strength which drove the pound beyond 1.58 barrier. While, the major extends its choppy trend amid lack of fresh triggers, in absence of significant macro data to be released during the European session.
The GBP/USD pair fell back in red after a sudeen spurt of buying witnessed in the US dollar against its major rivals. The dollar index, which measures the currency's strength against its major peers, drifts away from fresh three month lows and now trades session highs of 93.66, up 0.24% on the day.
Meanwhile, US data remains in focus later today, with figures released for industrial production in April and the manufacturing activity index for New York in May, with respective consensus of 0.0% over the months and a reading of 5.0. The risks would look to the downside given the lagged impact of the strong USD on exports and the downturn in the shale industry.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5800 above which gains could be extended to 1.5828 (Nov 17 High) levels. On the flip side, support is seen at 1.5726 (May 14 Low) below which it could extend losses to 1.5700 levels.