FXStreet (Mumbai) – The GBP/USD pair is trading in the narrow range of 1.5750-1.5760 after amid mixed economic data. The spot recovered from the low of 1.5692 earlier today.
Rejected at 1.5775
The pair once again ran into offers in the resistance zone of 1.5570-1.5780 after having recovered from the low of 1.5692. The upside was mainly due to quarter end book closure, which led to a broad based weakness in the USD.
However, the USD made a partial recovery pushing the pair back near 1.5750 levels. The Chicago PMI reading in June fell below 50.00 (at 49.4), but the US consumer confidence rose to a sky high level of 101.4. Consequently, the USD was shielded from the weak PMI data.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5770-1.5780, above which gains could be extended to 1.58. On the flip side, support is seen at 1.5749 and 1.57 levels.
(Market News Provided by FXstreet)