6 Jul 2015
GBP/USD recovers losses ahead of European session
FXStreet (Mumbai) - The GBP/USD pair has turned marginally positive as the sell-off in the EUR/GBP supported the British Pound.
GBP sees cross driven recovery
The GBP recovered from the low of 1.5549 to trade at 1.5580 on the back of a sell-off in the EUR/GBP pair. The common currency came under pressure after the Greek referendum on Sunday resulted in a majority for ‘No’ vote, which increased probability of Grexit.
The GBP also ticked higher, tracking the recovery in the EUR after it was reported that Greek finance minister Varoufakis stepped down. With no major UK data due for release, the cable is at the mercy of the Greece related news and the resulting movement in the EUR/GBP cross.
GBP/USD Technical Levels
The immediate resistance is located at 1.5606, above which gains could be extended to 1.5638. On the other hand, the immediate support is seen at 1.5566 (50-DMA), under which the pair could drop to 1.55 handle.
GBP sees cross driven recovery
The GBP recovered from the low of 1.5549 to trade at 1.5580 on the back of a sell-off in the EUR/GBP pair. The common currency came under pressure after the Greek referendum on Sunday resulted in a majority for ‘No’ vote, which increased probability of Grexit.
The GBP also ticked higher, tracking the recovery in the EUR after it was reported that Greek finance minister Varoufakis stepped down. With no major UK data due for release, the cable is at the mercy of the Greece related news and the resulting movement in the EUR/GBP cross.
GBP/USD Technical Levels
The immediate resistance is located at 1.5606, above which gains could be extended to 1.5638. On the other hand, the immediate support is seen at 1.5566 (50-DMA), under which the pair could drop to 1.55 handle.