8 Jul 2015
GBP/USD drops to 1.5404
FXStreet (Mumbai) - The GBP/USD pair ran into offers as it fell below 1.5460 (50% Fib R of June rally) after being rejected at a high of 1.5467. The spot fell to a session low of 1.5405.
Trades above 38.2% Fib R
The support at 1.5408 (38.2% Fib R of Apr-June rally) remains intact since the spot has recovered to trade at 1.5417. The risk aversion due to fears of Grexit and more importantly the drop in the commodities due to the rout in the Chinese markets are weighing over the British Pound. The losses in the mining index pulled the FTSE lower in the previous session.
Ahead in the day, the pair remains at the mercy of the overall market sentiment, largely influenced by Chinese concerns and Grexit fears. The Fed minutes due for release later today could also influence the pair.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5460, above which the pair could target 1.55 handle. On the flip side, a break below 1.5408 (38.2% Fib R of Apr-June rally) could see the pair drop to 1.5348 (76.4% Fib of June rally).
Trades above 38.2% Fib R
The support at 1.5408 (38.2% Fib R of Apr-June rally) remains intact since the spot has recovered to trade at 1.5417. The risk aversion due to fears of Grexit and more importantly the drop in the commodities due to the rout in the Chinese markets are weighing over the British Pound. The losses in the mining index pulled the FTSE lower in the previous session.
Ahead in the day, the pair remains at the mercy of the overall market sentiment, largely influenced by Chinese concerns and Grexit fears. The Fed minutes due for release later today could also influence the pair.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5460, above which the pair could target 1.55 handle. On the flip side, a break below 1.5408 (38.2% Fib R of Apr-June rally) could see the pair drop to 1.5348 (76.4% Fib of June rally).