FXStreet (Mumbai) – GBP/USD accelerates gains and climbs further in the European morning, kissing 1.58 handle as major remains boosted as the greenback ran through fresh offers on the correction from yesterday’s heavy gains. While Greek hopes revive risk-on moods lifted higher yielding currencies.
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 amid increasing bids for riskier assets on optimism surrounding Greece ahead of Euro group meeting later today.
Further the strength in GBP/USD was seen on the back of weaker EUR/GBP which continued to boost the GBP bulls. 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 1.5833 (June 23 High) above which gains could be extended to 1.5850 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)