Forex: GBP/USD steady around 1.59, EU data eyed

FXstreet.com (San Francisco) - GBPUSD extended overnight gains during the Asian session, rallying to a 3-month high of 1.5907, a price not seen since May 18. The market appears to be limited by key Fibonacci resistance around the 1.59 figure (61.8%, 1.6296/1.5268).

Technical speaking, price is "Overbought according to the hourly chart, as RSI stands above 78, price shows no signs of giving up," observes Valeria Bednarik, Chief Analyst at FXstreet.com. "The bigger outlook for GBPUSD remains bullish, with a break above 1.5930 opening a quite clear path towards 1.60."

Without UK-specific data on the economic calendar scheduled for release in the European session ahead, eurozone PMI and Consumer Confidence data for August will be closely watched today. Regarding the Eurozone PMI (from Markit), "Of particular interest is whether there is any upturn evident reflecting the calmer financial market conditions around the eurozone in recent weeks," explains Rabobank. "Consumer Confidence (from the European Commission) is of relevance for the same reason."