Thursday, October 15, 2026

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FxWirePro: Oil price rebound and stronger European indices boost GBP bulls, cable hits fresh session highs at 1.5799

Markets cheered sharp rebound seen in the oil prices and stronger European indices boosting the GBP bulls GBP/USD edged higher from 1.5750 region to hit session highs at 1.5799, just shy of the 1.58 barrier Cable is curr…

By Jay L. Zagorsky
1 min read
EconoTimes — Reading the Times. Understanding the Future.

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  • Markets cheered sharp rebound seen in the oil prices and stronger European indices boosting the GBP bulls 

  • GBP/USD edged higher from 1.5750 region to hit session highs at 1.5799, just shy of the 1.58 barrier

  • Cable is currently trading at 1.5791, breaking resistance at 1.5778 (June 30 High), 1.5800 offers strong resistance

  • On the flip side, support is seen at 1.5750 (23.6% of June rally), below which the pair  could extend losses to 1.5604 (Aug 20 Low) levels

  • Markets await series of U.S. data - consumer confidence index, New Home sales and Markit's PMI, for further direction in the pair

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By FxWirePro Team