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3 Aug 2015
GBP/USD stays near daily lows after US data
FXStreet (Mumbai) - The slight recovery in the GBP/USD stalled around 1.5593, pushing it back near 1.5575 after the data in the US showed personal spending dropped in June.
Supported by 38.2% Fib level
The spot found support at 1.5568 (38.2% Fib R of Jul 14-Apr 15 plunge) earlier today. The bid tone on the GBP failed to recover even though the personal spending growth slowed down to 0.2% in June. Personal income rose 0.4%, thereby pushing the savings rate higher to 4.8% from 4.6% in May.
Moreover, the report also included the downward revisions to the previous month’s figures. Personal spending was revised lower to 0.7% from 0.9%, while income was revised lower to 0.4% from 0.5%. Still, the treasury yield curve remained more or less unchanged, indicating no major change in the rate hike bets in the US. Ahead in the day, the pair could be influenced by the US ISM manufacturing figure.
GBP/USD Technical Levels
The immediate resistance is seen at 1.56, followed by another hurdle at 1.5639 (38.2% of June rally). On the flip side, support is seen at 1.5568 (38.2% of Jul 14-Apr 15 plunge) and 1.55.
Supported by 38.2% Fib level
The spot found support at 1.5568 (38.2% Fib R of Jul 14-Apr 15 plunge) earlier today. The bid tone on the GBP failed to recover even though the personal spending growth slowed down to 0.2% in June. Personal income rose 0.4%, thereby pushing the savings rate higher to 4.8% from 4.6% in May.
Moreover, the report also included the downward revisions to the previous month’s figures. Personal spending was revised lower to 0.7% from 0.9%, while income was revised lower to 0.4% from 0.5%. Still, the treasury yield curve remained more or less unchanged, indicating no major change in the rate hike bets in the US. Ahead in the day, the pair could be influenced by the US ISM manufacturing figure.
GBP/USD Technical Levels
The immediate resistance is seen at 1.56, followed by another hurdle at 1.5639 (38.2% of June rally). On the flip side, support is seen at 1.5568 (38.2% of Jul 14-Apr 15 plunge) and 1.55.