20 Jul 2015
GBP/USD: Bears remain in control, revisiting daily lows
FXStreet (Mumbai) - The recovery in the GBP/USD pair stalled around 1.5575 followed by a sell-off, which pushed the pair below 1.5550.
Hovers near 1.5549 (50% of June rally)
The spot fell to 1.5542, before recovering to trade slightly above 1.5549, which is the 23.6% fib retracement of June rally. The bid tone in the EUR/GBP cross has weighed over the cable in the absence of a major market moving data out of the Euroland. Moreover, the common currency came under pressure on reports Greek is to pay its bills due today against the USD, but strengthened against the GBP, which has been one of the major beneficiaries of the ongoing Greek crisis.
With no US data due for release, the focus is likely to be on the broader market sentiment and the movement in the EUR/GBP cross.
GBP/USD Technical Levels
The immediate support is seen at 1.5549 (50% of June rally), under which the spot could dip to 1.55 handle. On the other hand, resistance is seen at 1.5607 (38.2% of Apr-Jun rally) and 1.5638 (38.2% of June rally).
Hovers near 1.5549 (50% of June rally)
The spot fell to 1.5542, before recovering to trade slightly above 1.5549, which is the 23.6% fib retracement of June rally. The bid tone in the EUR/GBP cross has weighed over the cable in the absence of a major market moving data out of the Euroland. Moreover, the common currency came under pressure on reports Greek is to pay its bills due today against the USD, but strengthened against the GBP, which has been one of the major beneficiaries of the ongoing Greek crisis.
With no US data due for release, the focus is likely to be on the broader market sentiment and the movement in the EUR/GBP cross.
GBP/USD Technical Levels
The immediate support is seen at 1.5549 (50% of June rally), under which the spot could dip to 1.55 handle. On the other hand, resistance is seen at 1.5607 (38.2% of Apr-Jun rally) and 1.5638 (38.2% of June rally).