The Pound gained versus the Dollar as equity markets rose following EU clues about bailing out Greece out of its debt crisis. Trade Balance came out weaker with -7.3B versus -6.6B expected. Overall, GBP/USD traded with a low of 1.5562 and a high of 1.5747. GBP/USD has started correcting upwards after being oversold according to the RSI indicator. The correction upwards could continue to 1.59 (the first Fibonacci retracement level), but the main trend is still downwards. Today, Manufacturing Production is expected with 0.4% versus 0% prior. BOE will release the Inflation Report and BOE governor King will speak afterwards.

GBP/USD - Last: 1.5705

Resistance

1.5750

1.5805

1.5850

Support

1.5650

1.5565

1.5525

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