FXStreet (Mumbai) – The GBP/USD trades in the sideways manner below 1.5876, which is the 50% Fib retracement of the plunge from 1.5190 (June 2014 high) to 1.4564 (April 2015).
Trades below 1.5850
The pair was rejected at the high of 1.5895 earlier today, after which offers pushed the pair to a low of 1.5843. The USD received bids on account of a demand for treasuries amid Greek impasse. Some amount of profit taking on the dollar shorts is also cited behind the drop from the previous session’s high of 1.5928.
The safe haven bids on the USD could continue to weigh over the cable in the North Amercian session. The US calendar offers no major economic data releases.
GBP/USD Technical Levels
The immediate support is seen at 1.5795, under which the pair could target 1.5740. On the flip side, a break below 1.5876 could see the pair re-test 1.58 levels.
(Market News Provided by FXstreet)