The sterling pound held on the important level of 1.5700 during the early European session. After the release of the GDP data, pound relinquished all the gains. The pair printed a low during the US session of 1.5641. It is now getting momentum and trading around 1.5690 levels. The support may be found at 1.5620 and down at 1.5580. Resistance may be 1.5680 and above at 1.5720.
Australian dollar also fell against the US dollar after the GDP data. It came below the 1.0600 area briefly after the data release. But it is now regaining the momentum and is currently trading around 1.0640, almost flat from yesterday’s close.
As expected the correlation worked perfectly today with commodity currency with Canadian dollar came above the parity level after the data release. USD/CAD pair came off the low of 0.9987 and now is trading near 1.0015 area, virtually flat for today. Support may be seen at 0.9980 and resistance will be experienced at 1.0050 levels.
Swiss Frank also lost gains against the US dollar after the GDP data in the US session. It came above the 0.9200 levels. But now the pair is losing the gains and is now trading near the bottom it formed at 0.9175 levels. The immediate resistance will be seen at 0.9200. The support will be seen at 0.9160 and below at 0.9140 area.
The Yen continued its rise against the US dollar. It has printed a fresh low of 76.67 and is trading near the low.
The dollar index is trading at 79.20 levels. Low for the day is formed at 79.14.
