FXStreet (Mumbai) – The offered tone on the GBP/USD pair got more pronounced after failing to sustain above 1.53 levels, thereby pushing the pair down to its fresh session low of 1.5265.
Pound hurt by buying in the EUR/GBP cross
The latest drop in cable from 1.5290-1.53 to 1.5265 could be attributed to the buying in the EUR/GBP cross, which took out offers around 0.7160 to rise to 0.7189 levels. Earlier today, the pair was rejected in the technical resistance zone of 1.5330-1.5336, leading to a drop to 1.53, which was extended further to 1.5265 levels.
At the moment, the pair is trading within a touching distance from the previous session’s low at 1.5260. Further buying in the EUR/GBP cross may continue to weigh over cable. Investors also await the second estimate of US Q1 GDP due later today.
GBP/USD Technical Levels
The immediate support is seen at 1.5260, under which the pair could target 1.5189 (50% Fib R of 1.4564-1.5813). On the flip side, a break above 1.5336 could drive the pair higher to 1.5393 (200-DMA).
(Market News Provided by FXstreet)