19 Jun 2015
GBP/USD rejected near 1.59
FXStreet (Mumbai) - The bid tone on the GBP/USD exhausted at the high of 1.5895 in the Asian session, after which the spot fell to 1.5859.
USD recovers on Greek crisis
The spot was rejected at a high of 1.5928 in the previous session on news that the Eurogroup meeting failed in breaking the deadlock between Greece and its international creditors. Consequently, the USD recovered due to a rise in the demand for safe haven treasuries.
A similar move is seen today, as the USD is strengthening across the board coupled with a drop in the Treasury yields. With no major data due for release out of the UK, the spot could continue to be influenced by Greece news and safe haven trade.
GBP/USD Technical Levels
The immediate support is seen at 1.5813 and 1.5795, under which the pair could target 1.5760 (5-DMA). On the flip side, a break above 1.59 could see the pair rise to 1.5940.
USD recovers on Greek crisis
The spot was rejected at a high of 1.5928 in the previous session on news that the Eurogroup meeting failed in breaking the deadlock between Greece and its international creditors. Consequently, the USD recovered due to a rise in the demand for safe haven treasuries.
A similar move is seen today, as the USD is strengthening across the board coupled with a drop in the Treasury yields. With no major data due for release out of the UK, the spot could continue to be influenced by Greece news and safe haven trade.
GBP/USD Technical Levels
The immediate support is seen at 1.5813 and 1.5795, under which the pair could target 1.5760 (5-DMA). On the flip side, a break above 1.59 could see the pair rise to 1.5940.