FXstreet.com (Córdoba) - The rally of the pound versus the dollar that was propelled by optimism in financial markets, reached its highest level in 2 months at 1.5776 before finding resistance and pulling back.
GBP/USD climbed nearly 70 pips throughout the day but stalled just ahead of the 50% retracement of the longer-term 1.6300/1.5267 drop at 1.5783. At time of writing, the pair is quoting at the 1.5750/55 area, still up 0.3% on the day.
The GBP/USD lost steam after disappointing public borrowing data and weighed by a warning from Fitch that a change in the UK's strategy to cut its deficit would put the country's triple-A rating at risk.
In terms of technical levels, immediate resistances are seen at 1.5783 (Fibo level and Jun 20 high), 1.5800 and 1.5850, while supports could be found at 1.5720, 1.5700 and 1.5680.
GBP/USD climbed nearly 70 pips throughout the day but stalled just ahead of the 50% retracement of the longer-term 1.6300/1.5267 drop at 1.5783. At time of writing, the pair is quoting at the 1.5750/55 area, still up 0.3% on the day.
The GBP/USD lost steam after disappointing public borrowing data and weighed by a warning from Fitch that a change in the UK's strategy to cut its deficit would put the country's triple-A rating at risk.
In terms of technical levels, immediate resistances are seen at 1.5783 (Fibo level and Jun 20 high), 1.5800 and 1.5850, while supports could be found at 1.5720, 1.5700 and 1.5680.
