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30 Jul 2015
GBP/USD gyrates around 1.56
FXStreet (Mumbai) - The GBP/USD trades around 1.56 handle after having suffered a drop from the high of 1.5690 in the previous session.
Focus on US data
Given the Fed is out of the way, the focus now shifts to the US data due for release later today. The preliminary US GDP is likely to show the growth rate rebounded to 2.5%, from the 0.2% fall seen in Q1. Meanwhile, the weekly jobless claims are seen below 300K for yet another week.
The markets provided a muted reaction to the FOMC statement released on Wednesday, although the jobs clue and the overall tone of the statement indicated the Fed is one step closer to the rate hike.
GBP/USD Technical Levels
The immediate support is seen at 1.5568 (38.2% of Jul 14-Apr 15 plunge), followed by another support at 1.5545 (50-DMA). On the other hand, resistance is seen at 1.5639 (38.2% of June rally) and 1.5690.
Focus on US data
Given the Fed is out of the way, the focus now shifts to the US data due for release later today. The preliminary US GDP is likely to show the growth rate rebounded to 2.5%, from the 0.2% fall seen in Q1. Meanwhile, the weekly jobless claims are seen below 300K for yet another week.
The markets provided a muted reaction to the FOMC statement released on Wednesday, although the jobs clue and the overall tone of the statement indicated the Fed is one step closer to the rate hike.
GBP/USD Technical Levels
The immediate support is seen at 1.5568 (38.2% of Jul 14-Apr 15 plunge), followed by another support at 1.5545 (50-DMA). On the other hand, resistance is seen at 1.5639 (38.2% of June rally) and 1.5690.