FXStreet (Mumbai) – The GBP/USD pair remained resilient to the weaker-than-expected UK CBI total trend orders figure to trade around 1.5785 levels, largely due to the sell-off in the EUR/GBP pair.
GBP/USD: Stuck in a 40-pip range
The spot is stuck largely in a range of 1.5760-1.58 since the early European session after having faced rejection at the high of 1.5825 in the Asian session. The downside in the pair has been capped around 1.5760 by a sell-off in the EUR/GBP pair.The cable also ignored the UK CBI data which printed lower than expected at -7.
Meanwhile, the upside is being capped repeatedly above 1.58 on account of a broad based USD strength. The pair ran into offers twice – at 1.5811 and 1.5808 – in the European session. The investors now await the US durable goods orders data, which will be followed by the preliminary manufacturing index.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5840 (hourly 50-MA), above which the pair could target 1.5876 (50% R of 1.7190-1.4564). On the other hand, a break below 1.5760 could push the pair lower to 1.57.
(Market News Provided by FXstreet)