FXStreet (Córdoba) – Cable remains near the lows unable to recover as the euro rises across the board on hopes of a deal between Greece and its creditors. GBP/USD recently attempted to recover but it was capped by 1.5845 and retreated.
Currently trades at 1.5815/20, approaching daily lows that lie slightly above 1.5800. Greenback remains mostly in positive territory in the market on Monday, but the euro outperformed during the last hour, after the Eurogroup press conference. During the last hour EUR/GBP rallied and climbed above 0.7200 weakening the demand of the pound in the market.
GBP/USD rally pausing
The pair is falling 55 pips so far on Monday, enough to put it on the way to the worst performance of the pound against the US dollar in two weeks. The rally of the pair from 1.5250 found resistance last week below 1.5950 and is now retreating but still holding a bullish tone in the medium term.
(Market News Provided by FXstreet)