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21 May 2015
GBP/USD consolidates below 1.5700
FXStreet (Córdoba) - GBP/USD pulled back slightly from highs at the beginning of the New York session as the dollar edged higher following the release of US jobless claims data. However, the pound remains among the best performers across the board, underpinned by better-than-expected UK retail sales figures for April.
As for US data, initial jobless claims increased by 10,000 to 274,000 last week, hitting its highest level in a month and above the 271,000 expected. Earlier, UK reported retail sales rose by 1.2% MoM and 4.7% YoY in April, versus 0.4% and 3.8% expected.
GBP/USD reached a 3-day high of 1.5699 supported by UK data, but failed to break above the 1.57 mark and retreated. At time of writing, the pair is trading at 1.5665, recording a 0.85% gain on the day.
GBP/USD levels to watch
As for technical levels, if GBP/USD breaks decisively above 1.5700, next resistances are seen at 1.5745 (May 18 high) and 1.5805 (May 15 high). On the flip side, supports are seen at 1.5610 (100-hour SMA), 1.5524 (daily low) and 1.5500 (psychological level).
As for US data, initial jobless claims increased by 10,000 to 274,000 last week, hitting its highest level in a month and above the 271,000 expected. Earlier, UK reported retail sales rose by 1.2% MoM and 4.7% YoY in April, versus 0.4% and 3.8% expected.
GBP/USD reached a 3-day high of 1.5699 supported by UK data, but failed to break above the 1.57 mark and retreated. At time of writing, the pair is trading at 1.5665, recording a 0.85% gain on the day.
GBP/USD levels to watch
As for technical levels, if GBP/USD breaks decisively above 1.5700, next resistances are seen at 1.5745 (May 18 high) and 1.5805 (May 15 high). On the flip side, supports are seen at 1.5610 (100-hour SMA), 1.5524 (daily low) and 1.5500 (psychological level).