FXStreet (Edinburgh) – The sterling is rapidly depreciating vs. the greenback on Wednesday, dragging GBP/USD to lows around the mid-1.5300s.
GBP/USD hurt by dollar momentum
The context around the deb talks between Greece and its EU creditors continues to deteriorate today, hurting the risk sentiment. The dollar managed to revert the initial negative tone, impacting on the risk-associated universe and forcing spot to retreat to 3-week lows around 1.5340/35.
In the UK economy, the next risk event will come with the release of the GDP preliminary figures for the first quarter, due tomorrow.
GBP/USD key levels
At the moment the pair is down 0.4% at 1.5346 with the next support at 1.5338 (low May 27) ahead of 1.5300 (psychological level) and then 1.5260 (76.4% of 1.5088-1.5815). On the upside, a breakout of 1.5439 (high May 27) would open the door to 1.5475 (high May 26) and finally 1.5478 (38.2% of 1.5700-1.5340).
(Market News Provided by FXstreet)