FXStreet (Mumbai) – The USD suffered losses in the Asian session on Monday, pushing the GBP/USD pair to a high of 1.5905.
Supported by 5-DMA
The 5-DMA located at 1.5872 acted as a support level in the Asian session today.The offers on the USD strengthened on reports that proposals were swapped ahead of the EU meeting on Greece today. Consequently, the pair ran into bids around the 5-DMA at 1.5872.
The pair now trades well above 1.5876, which is the 50% retracement of the plunge from 1.7190 (July 2014) to 1.4564 (April 2015). With no major UK data due for release later today, the pair is at the mercy of the outcome of the Eurogroup meeting and the resulting movement in the EUR/USD pair.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5941 (61.8% Fib E of 1.4564-1.5813-1.5169), above which the pair could rise to 1.60. On the flip side, a break below 1.5876 (50% Fib R of 1.7190-1.4564) could see the pair target 1.58.
(Market News Provided by FXstreet)