FXStreet (Mumbai) – GBP/USD recovered losses and jolted higher in the European morning, snapping its losing streak into a fourth day as the greenback once again lost ground amid an empty UK macro calendar. While markets await a slew of US economic data for further direction on the major.
GBP/USD recovers from 1.5677
The GBP/USD pair turned in green and posted fresh session highs of 1.5720, back above 1.57 barrier. The cable regained momentum as the US dollar remains largely subdued on Greek hopes as the never-ending Greek negotiations remain in sharp focus.
The dollar index which measures the greenback’s strength against its major peers, now trades -0.10% lower at fresh session lows of 95.30.
Later in the day, the US data flow will also include weekly jobless claims, personal spending and services PMI. Moreover, Fed Governors Jerome Powell and Daniel Tarullo will both speak today.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5800 above which gains could be extended to 1.5833 (June 23 High) levels. On the flip side, support is seen at 1.5677 (Today’s Low) below which it could extend losses to 1.5623 (June 17 Low) levels.
(Market News Provided by FXstreet)