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28 Jul 2015
GBP/USD hovering around 1.5600, consolidates gains
FXStreet (Córdoba) - GBP/USD continues to move with a bullish bias on Tuesday but the upside has been limited so far above 1.5600 by 1.5620/30. Currently it trades at 1.5605/10, up 50 pips for the day. Cable is rising for the second day in a row as it continues to recover after falling to 1.5460 last week.
GBP boosted by GDP data, USD weak after consumer confidence
The pair rose during the European session from 1.5530 to 1.5615 boosted after the release of the first estimate of GDP growth of the second quarter in the United Kingdom. Afterwards pulled back and rose back toward daily highs during the American session as the US dollar weakened following a decline in consumer confidence.
The pair holds a bullish tone amid a correction of greenback ahead of tomorrow’s FOMC meeting. On a wider perspective, the upside continues to be limited by a strong resistance area located around 1.5670. A break above would open the doors for a bullish extension on top of 1.5700.
GBP boosted by GDP data, USD weak after consumer confidence
The pair rose during the European session from 1.5530 to 1.5615 boosted after the release of the first estimate of GDP growth of the second quarter in the United Kingdom. Afterwards pulled back and rose back toward daily highs during the American session as the US dollar weakened following a decline in consumer confidence.
The pair holds a bullish tone amid a correction of greenback ahead of tomorrow’s FOMC meeting. On a wider perspective, the upside continues to be limited by a strong resistance area located around 1.5670. A break above would open the doors for a bullish extension on top of 1.5700.