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17 Jul 2015
GBP/USD witnessing cross driven strength
FXStreet (Mumbai) - The GBP/USD pair extended gains to print a fresh session high of 1.5669 on the back of a decline witnessed in the EUR/GBP cross.
Cable ticks higher as EUR/GBP hits 7-1/2 year lows
The drop in the EUR/GBP pair to a fresh session 7-1/2 year low of 0.6943 supported gains in the GBP/USD pair. Moreover, the British Pound is inching higher against the Euro after BOE’s Carney stated that the interest rate hike is nearing soon. He further added on Thursday that rates could rise at the turn of the year.
With no major data due for release in the Europe, the cable is likely to take cues from the action in the EUR/GBP cross. Ahead in the day, the monthly US CPI numbers could influence the pair.
GBP/USD Technical Levels
The spot currently trades around 1.5660. The immediate resistance is located at 1.5675-1.5680, followed by another hurdle at 1.5749. On the flip side, a break below 1.5638 could see the pair dip to 1.56.
Cable ticks higher as EUR/GBP hits 7-1/2 year lows
The drop in the EUR/GBP pair to a fresh session 7-1/2 year low of 0.6943 supported gains in the GBP/USD pair. Moreover, the British Pound is inching higher against the Euro after BOE’s Carney stated that the interest rate hike is nearing soon. He further added on Thursday that rates could rise at the turn of the year.
With no major data due for release in the Europe, the cable is likely to take cues from the action in the EUR/GBP cross. Ahead in the day, the monthly US CPI numbers could influence the pair.
GBP/USD Technical Levels
The spot currently trades around 1.5660. The immediate resistance is located at 1.5675-1.5680, followed by another hurdle at 1.5749. On the flip side, a break below 1.5638 could see the pair dip to 1.56.