FXStreet (Mumbai) – The GBP/USD pair spiked to a session high of 1.5767, before falling back to 1.5750 levels. The pair followed the rise in the EUR/USD pair above 1.12 levels.
GBP/USD: Trades above key Fib level of 1.5749
The pair has taken out the stiff resistance at 1.5749 (23.6% Fib R of 1.5169-1.5928). However, it remains to be seen in the pair manages to see a daily and the weekly close above the same. Moreover, with the absence of a first tier economic data releases out of the US, the focus is entirely on the Greek issue and the market’s overall appetite for the US dollars.
The US Michigan consumer sentiment and BOE governor Carney speech scheduled at 15.15 GMT could inject volatility in the GBP/USD pair.
GBP/USD Technical Levels
The pair currently trades in the narrow band of 1.5750-1.5755. The immediate resistance is located at 1.5766 (hourly 200-MA), above which the pair could target 1.58. On the flip side, a break below 1.5749 (23.6% Fib R of 1.5169-1.5928) could push the pair down to 1.57.
(Market News Provided by FXstreet)