6 Jul 2015
GBP/USD drops to a session low of 1.5535
FXStreet (Mumbai) - The GBP/USD pair was rejected at the high of 1.5598, after which the pair fell below a key Fib level at 1.5568, where it ran into fresh offers and extended losses to hit a session low of 1.5535.
GBP/USD: offered below 38.2% Fib R
The spot ran into fresh offers after it dropped below 1.5568, which is the 38.2% Fib R of of July 2014-April 2015 plunge. The pair is largely tracking the movement in the EUR/USD pair, which clocked a high of 1.1083 on news of Varoufakis’ resignation, before turning lower to trade around 1.1050.
With no major UK data due for release today, the pair could continue to track the movement in the EUR/USD pair. Meanwhile, the safe haven demand for the US Treasuries could also affect the cable.
GBP/USD Technical Levels
The immediate support is seen at 1.55, under which the pair could 1.5460 (61.8% Fib R of June rally). On the other hand, resistance is seen at 1.5568 (38.2% Fib R of of July 2014-April 2015 plunge) and 1.5538.
GBP/USD: offered below 38.2% Fib R
The spot ran into fresh offers after it dropped below 1.5568, which is the 38.2% Fib R of of July 2014-April 2015 plunge. The pair is largely tracking the movement in the EUR/USD pair, which clocked a high of 1.1083 on news of Varoufakis’ resignation, before turning lower to trade around 1.1050.
With no major UK data due for release today, the pair could continue to track the movement in the EUR/USD pair. Meanwhile, the safe haven demand for the US Treasuries could also affect the cable.
GBP/USD Technical Levels
The immediate support is seen at 1.55, under which the pair could 1.5460 (61.8% Fib R of June rally). On the other hand, resistance is seen at 1.5568 (38.2% Fib R of of July 2014-April 2015 plunge) and 1.5538.