8 Jul 2015
GBP/USD recovers losses, trades above 1.5450
FXStreet (Mumbai) - The GBP/USD pair recovered from the low of 1.5427 to trade above 1.5450 ahead of the European session.
Hovers near key Fib level
The spot is within a touching distance from 1.5460, which is the 50% retracement of the rally witnessed in June. The risk aversion triggered by Grexit fears and rout in the Chinese stock markets dragged the European currencies lower yesterday. However, the uptick in the Dow Jones and a new five deadline for Greece put a floor under the GBP/USD pair around 1.54 levels.
With no major UK data due for release, the pair remains at the mercy of the overall market sentiment. Ahead in the day, the cable could be influenced by the minutes of Fed’s June monetary policy meeting.
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).
Hovers near key Fib level
The spot is within a touching distance from 1.5460, which is the 50% retracement of the rally witnessed in June. The risk aversion triggered by Grexit fears and rout in the Chinese stock markets dragged the European currencies lower yesterday. However, the uptick in the Dow Jones and a new five deadline for Greece put a floor under the GBP/USD pair around 1.54 levels.
With no major UK data due for release, the pair remains at the mercy of the overall market sentiment. Ahead in the day, the cable could be influenced by the minutes of Fed’s June monetary policy meeting.
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).