FXStreet (Córdoba) – GBP/USD pulled back slightly from a 3-week high at the beginning of the New York session but it has managed to hold above the 1.55 mark.
GBP/USD rose sharply throughout the European session and scored a high of 1.5540 before finding resistance. Cable retreated a few pips and it is currently trading at the 1.5515 area, recording a 0.86% gain on the day.
UK NIESR GDP estimate beat expectations
On the macroeconomic domain, data showed UK NIESR GDP estimate rose 0.6% in May, beating expectations of 0.4%, but the pound failed to capitalized gains as the rally was overstretched according to short-term indicators.
GBP/USD levels to watch
As for technical levels, immediate supports are seen at 1.5505 (200-day SMA), 1.5368 (daily low) and 1.5335 (10-day SMA). On the upside, resistances line up at 1.5540 (daily high), 1.5587 (May 20 high) and 1.5600 (psychological level).
(Market News Provided by FXstreet)