FXStreet (Mumbai) – GBP/USD remained better bid in the early European morning, bringing a halt to the recent three-day decline. The major edged higher largely on the back of a generalized weakness seen in the US dollar across the board while traders await Greece update in a data-light EUR calendar.
GBP/USD advances on weaker USD
The GBP/USD pair trades 0.22% at fresh session highs of 1.5768, having previously posted day’s lows at 1.5731. The cable jumped higher mainly driven by a weakening US dollar versus its major peers as traders locked in gains after the recent strength.
The dollar index which measures the greenback’s strength against its major peers, now trades -0.22% lower at fresh session lows of 95.34.
The pair also remains supported on the back of hawkish comments from Bank of England (BOE) policy maker Weale, advocating for a rate hike on tightening labour market in the UK.
Meanwhile, in absence of significant economic releases from the UK today, trades shift their attention towards Greece and Q1 GDP figures from the US for further momentum.
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 1.5731 (Today’s Low) below which it could extend losses to 1.5704 (June 23 Low) levels.
(Market News Provided by FXstreet)