FXStreet (Mumbai) – GBP/USD trimmed gains and retreated from near 1.58 handle during the European session, as markets shifted their preference towards the US dollar amid Greece headline ahead of Euro group meeting. While traders also gear up for the upcoming US GDP revision.
GBP/USD drops from 1.5790
The GBP/USD pair trades 0.14% at 1.5752, quickly shedding away nearly 40 pips. The cable gave back half the gains as the offered tone around the greenback decreased as traders switched to the reserve currency, moving away from higher yielding currencies as Greece updates take centre stage.
While, markets also unwound GBP longs ahead of the third estimate of the first quarter US GDP data due for release later in the North American session.
However, 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.
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)