16 Jun 2015
GBP/USD: Off lows but weak around 1.5570
FXStreet (Mumbai) - The GBP/USD pair recovered from the session low of 1.5540 partly due to the weakness seen in the EUR/GBP cross.
GBP/USD - Back above key Fib levels
The is back above 1.5566, which is the 38.2% Fib retracement of the plunge from 1.7190 to 1.4564. A weaker-than-expected UK core CPI at 0.9% in May weighed over the British Pound, taking the pair lower to 1.5540 levels. However, the disappointing Zew survey indices in the Eurozone led to a minor sell-off in the EUR/GBP pair, thereby lending support to the GBP/USD pair.
Ahead in the day, the fresh offers could come-in if the US housing data manage to surpass market expectations. In the meantime, action in the EUR/GBP cross could continue to guide the movement in the pair.
GBP/USD Technical Levels
The immediate support is seen at 1.5566, under which the pair could target the daily low at 1.5540. On the flip side, a break above 1.56 could see the pair re-test 1.5630.
GBP/USD - Back above key Fib levels
The is back above 1.5566, which is the 38.2% Fib retracement of the plunge from 1.7190 to 1.4564. A weaker-than-expected UK core CPI at 0.9% in May weighed over the British Pound, taking the pair lower to 1.5540 levels. However, the disappointing Zew survey indices in the Eurozone led to a minor sell-off in the EUR/GBP pair, thereby lending support to the GBP/USD pair.
Ahead in the day, the fresh offers could come-in if the US housing data manage to surpass market expectations. In the meantime, action in the EUR/GBP cross could continue to guide the movement in the pair.
GBP/USD Technical Levels
The immediate support is seen at 1.5566, under which the pair could target the daily low at 1.5540. On the flip side, a break above 1.56 could see the pair re-test 1.5630.