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Forex pairs in this Article » GBP/USD (San Francisco) - GBPUSD is currently trading around 1.5880, with near term support expected at 1.5850, then 1.5820 and 1.5770, notes Valeria Bednarik, Chief Analyst at The analyst also observes that the market is consolidating "near the base of a daily descendant channel, and unless that base gives up, continuation rallies are subdued," she says. "Steady gains above 1.5920 may see the pair finally correcting higher and approaching the 1.60 key resistance zone."

In the European session ahead, UK employment data is on offer; both the ILO unemployment rate and the Claimant Count rate are expected to hold steady at 7.9% and 4.8%, respectively. "Employment has performed a bit better than expected given the lacklustre economy through recent months but there's a question-mark over-hanging recent results due partly to the London Olympics," says Rabobank International. "Today's data will shed some light on this issue."
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