FXStreet (Mumbai) – The GBP/USD pair ran into offers at 1.5811, after which it fell to the daily low at 1.5763 before stabilizing around 1.5780.
GBP/USD supported by selling in EUR/GBP cross
The cable has been able to avoid falling to fresh lows on account of a sell-off in the EUR/GBP cross. The common currency is being sold despite upbeat private sector activity data, taking the EUR/GBP pair lower to 0.7116 levels. The sell-off in the EUR/GBP put a floor under the cable at 1.5763 levels.
The spot currently trades in the narrow range of 1.5775-1.5785 with traders focusing on the UK CBI total trends orders and the action in the EUR/GBP pair. The US durable goods orders data could also influence the pair ahead in the day.
GBP/USD Technical Levels
The immediate support is seen at 1.5479 (23.6% Fib R of 1.5169-1.5928), under which the pair could drop to 1.57. On the flip side, a break above 1.5813 could see the pair target 1.5876 (50% R of 1.7190-1.4564).
(Market News Provided by FXstreet)