GBP/USD on rollercoaster ride

FXstreet.com (Chicago) – GBP/USD continues advancing against the greenback to reduce losses to 0.09% so far. The pair traded sideways yesterday to spike above 1.5638 earlier in Asia to plunge below 1.56 zone and quickly bounce off upon US housing market data release.

Poor performance

Price action indicates the pair has had a wild series of ups and downs as evidenced by the runaway gap after the release of weaker-than-expected housing data in the US.

GBP/USD Technical Levels

After finding grounds post 1.56 plunge, the pound strengthened and faces resistances at 1.5576 (August 9th highs), 1.5593 (August 15th highs) ahead of 1.56 …read more