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11 Sep 2015
GBP/USD pays little attention to drop in US consumer sentiment
FXStreet (Mumbai) - The GBP/USD spot continues to trade largely unchanged around 1.5430 levels even though a gauge of consumer sentiment in the US weakened.
Stuck between Fib levels
The spot has been restricted largely in the range of 1.5409 (38.2% of Apr-June rally) to 1.5460 (61.8% of June rally). The trading interest seems to have dropped heading into the weekend. Consequently, the pair did not respond to the weak data. The Michigan confidence index for August dropped to 85.7 from 91.9 in July.
Meanwhile, the drop in the US stocks are capping gains in the risk assets, including GBP, while BOE’s Forbes hawkish comments restrict losses in Sterling.
GBP/USD Technical Levels
The immediate resistance is located at 1.5460 (61.8% of June rally), ahead of a major hurdle at 1.55 levels. On the other side, support is seen at 1.54 (hourly 50-MA) and 1.5317 (hourly 200-MA).
Stuck between Fib levels
The spot has been restricted largely in the range of 1.5409 (38.2% of Apr-June rally) to 1.5460 (61.8% of June rally). The trading interest seems to have dropped heading into the weekend. Consequently, the pair did not respond to the weak data. The Michigan confidence index for August dropped to 85.7 from 91.9 in July.
Meanwhile, the drop in the US stocks are capping gains in the risk assets, including GBP, while BOE’s Forbes hawkish comments restrict losses in Sterling.
GBP/USD Technical Levels
The immediate resistance is located at 1.5460 (61.8% of June rally), ahead of a major hurdle at 1.55 levels. On the other side, support is seen at 1.54 (hourly 50-MA) and 1.5317 (hourly 200-MA).