GBP/USD May Meet Resistance at 1.5768
The GBP/USD is trading in the upper end of the congestion pattern initiated in early June, within the range between 1.5400 and 1.5700.
Looking back to this week, it was a little bit interesting for the currency pair GBP/USD, as the BoE minutes and UK retail sales both came better than expected; it were supportive to the GBP, helping it clime to the proximities of the area between 1.5740 and 1.5630. Poor results of US labor market report and housing data released on Thursday have also helped the currency pair to go to the upside.As the time of writing, GBP/USD is losing strength at 1.5717 with the immediate support lying at 1.5636 ahead of 1.5578.
In terms of next possible resistance level, if the GBP/USD is able to breakout of 1.5750 the next possible resistance would be 1.5768 then 1.5770.
- The GBP/USD May Meet Its Further Down Trend In the Near Future (1.000)
- The GBP/USD Drops After the PPI Data that Is Better Than Expected Is Posted (1.000)
- The Future Trend of GBP/USD Is Not Clear before the BOE and UK Data are Released (1.000)
- The GBP/USD Rise Once over 1.6172 after the BoE Decision is Released (1.000)
- GBP/USD Is on Bearish Trend, Falling below 1.5900 (1.000)