FXStreet (Mumbai) - The GBP/USD pair hovers near 1.5650 after having printed a session low of 1.5634. The better-than-expected US ADP employment report has capped recovery in the pair around 1.5650.
GBP/USD: Downside breakout from the trading range
The pair finally breached the week long range of 1.5667-1.5650 on the downside after the UK PMI manufacturing figure for June missed expectations to print at multi month lows. Meanwhile, the pair also suffered due to the negative rub-off from the drop in the EUR/USD pair amid the Greek chaos.
A better-than-expected ADP report (actual 237K, expected 218K) failed to push the pair lower. However, the report may have capped the recovery around 1.5650. It remains to be seen if the pair re-tests 1.5667 or extends losses below the current session low of 1.5634.
GBP/USD Technical Levels
The spot currently trades at 1.5640. The immediate resistance is located at 1.5667, above which the pair could rise to 1.57. On the flip side, a break below 1.56 could push the pair down to 1.5530.
