FXStreet (Mumbai) – The broad based weakness in the USD pushed the GBP/USD pair higher to 1.5644, but fell back below 1.5638, which is the 38.2% Fib R of June rally.
USD under pressure across the board
The US dollar is once again under pressure in response to the weaker-than-expected payrolls report released in the previous session. The September rate hike bets decline post-NFP. Still, the pair is struggling to rise above the Fib resistance at 1.5638.
Moreover, the hourly technical chart shows a bearish crossover between the 50-MA and the 100-MA. With US markets closed for a trading holiday, the pair could turn impulsive amid lackluster trading volumes.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5638, above which the pair could rise to 1.5667. On the flip side, a break below 1.56 could see the pair drop to the previous session low of 1.5564.
(Market News Provided by FXstreet)