FXStreet (Mumbai) – The British Pound is being favoured in the early US session, taking the GBP/USD to a session high of 1.5749.
Gains capped at Fib resistance
The pair is once again struggling to rise above 1.5749, which is the 23.6% Fib resistance of the move from 1.5169 to 1.5928 witnessed in June. The offers at 1.5749 pushed the pair down to 1.5740. For the time being the pair is hovering around 1.5740 levels.
The latest uptick in the pair cannot be attributed to a specific fundamental news. Even the EUR/GBP cross is more or less steady around 0.7115. A hope of a last minute Greek deal could have pushed the relatively riskier GBP higher in line with the drop in the traditional safe haven assets – Gold, Treasuries.
GBP/USD Technical Levels
The immediate resistance is located at 1.5749 (23.6% Fib R of 1.5169-1.5928), above which gains the next major hurdle is seen at 1.5876 (50% Fib R of 1.7190-1.4564). On the flip side, a break below 1.57 could push the pair back to 1.5660 levels.
(Market News Provided by FXstreet)