FXStreet (Mumbai) – The British pound remains pressured versus the US dollar in the early European trades, sending GBP/USD back below 1.58 handle. The major keeps losses, although recover slightly from lows, as USD bulls take over the drivers’ seat ahead of the Europe open, as traders look ahead to a macro filled US session.
GBP/USD rises from 1.5765
The GBP/USD pair trades lower by -0.16% at 1.5798, having previously posted day’s high at 1.5832 and day’s low at 1.5765. The cable remains undermined amid broad based US dollar strength with key US releases including new home sales, durable goods orders and manufacturing in focus now. The US dollar index, the virtual gauge of the greenback’s relative strength trades 0.57% higher at 95.06 levels, retracing from 95.16 highs.
The greenback is rallying on continued signs that the rebound in US economic growth momentum is being sustained. The latest US home sales showed a better-than-expected performance in sales activity in May, up 5.1% on a monthly basis.
Meanwhile, in absence of significant economic releases from the UK today, trades shift their attention towards the US calendar.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5910 (Today’s High) above which gains could be extended to 1.5930 (June 18 High) levels. On the flip side, support is seen at 1.5803 (June 18 Low) below which it could extend losses to 1.5760 levels.
(Market News Provided by FXstreet)