FXStreet (Mumbai) – GBP/USD stalled its upward rally and remains in highs during the European session, as below estimates UK’s mortgage approvals numbers failed to provide the much-needed impetus to the British currency. While traders remain cautious ahead of the Euro group meeting due later today.
GBP/USD hovers around 1.5790
The GBP/USD pair trades 0.37% at 1.5791, retreating from fresh session highs of 1.5803, posted earlier this session. The cable retains gains, although failed to hold above 1.58 barrier as most traders viewed the rally as excessive while less than estimates rise in mortgage approvals in US also kept a lid on the major. In May, the number of mortgage approvals rose to 42,530, up from 42,020 in April, but less than estimated.
More so, the US dollar halted its downslide against its major counterpart with the DXY lower to the tune of -0.36% and trades at 95.26. The pair also remains supported on the back of hawkish comments from Bank of England (BOE) policy maker Weale, advocating for a rate hike on tightening labour market in the UK.
Meanwhile, in absence of significant economic releases from the UK today, trades shift their attention towards Greece and Q1 GDP figures from the US for further momentum.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5833 (June 23 High) above which gains could be extended to 1.5850 levels. On the flip side, support is seen at 1.5731 (Today’s Low) below which it could extend losses to 1.5704 (June 23 Low) levels.
(Market News Provided by FXstreet)