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Forex: GBP/USD within 20-pip range below 1.5700

By FXstreet.com,  August 14, 2012, 12:31:00 AM EDT

FXstreet.com (San Francisco) - GBP/USD is trading in range in late Asia-Pacific trading, operating between 1.5675 and 1.5696 after Monday saw the cross extend gains above last week's high to 1.5716.

"While the upward road seems hard, the downside will likely remain limited unless a clear break below 1.5620 area, quite away from current levels," comments Valeria Bednarik, Chief Analyst at FXstreet.com.

In the European session ahead, GBP will be vulnerable to the release of UK consumer inflation data at 08:30 GMT (cons. 2.3% y/y). On Wednesday, the focus will be on MPC minutes; on Thursday, UK employment data is on the docket and then UK retail sales on Friday.

GBP/USD last trades at 1.5685. If inches higher, the FXstreet.com Independent Analysis Team identifies resistance levels at 1.5710, 1.5735 and 1.5770. To the downside, support levels lie at 1.5655, 1.5620 and 1.5590.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



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