25 Jun 2015
GBP/USD trades below 1.57
FXStreet (Mumbai) - The GBP/USD pair dipped below 1.57 handle in the Asian session as renewed Grexit fears weighed over the European currencies.
Trades below weekly 50-MA
The spot fell below the weekly 50-MA located at 1.5694 to trade around 1.5685. The renewed concerns over Greece deal triggered a wave of selling n the European currencies during the North American session yesterday. The weakness has been extended today ahead of the European sessions.
With no major data due today in the UK, the focus is entirely on the Greece issue and the resulting movement in the EUR/GBP cross. Ahead in the US session, personal spending report and weekly jobless claims data could influence the pair.
GBP/USD Technical Levels
The immediate support is seen at 1.5637 (38.2% Fib R of 1.5169-1.5928), under which the pair could drop to 1.56. On the flip side, a break above 1.5694 (weekly 50-MA) could see the pair target 1.5749 (23.6% Fib R of 1.5169-1.5928).
Trades below weekly 50-MA
The spot fell below the weekly 50-MA located at 1.5694 to trade around 1.5685. The renewed concerns over Greece deal triggered a wave of selling n the European currencies during the North American session yesterday. The weakness has been extended today ahead of the European sessions.
With no major data due today in the UK, the focus is entirely on the Greece issue and the resulting movement in the EUR/GBP cross. Ahead in the US session, personal spending report and weekly jobless claims data could influence the pair.
GBP/USD Technical Levels
The immediate support is seen at 1.5637 (38.2% Fib R of 1.5169-1.5928), under which the pair could drop to 1.56. On the flip side, a break above 1.5694 (weekly 50-MA) could see the pair target 1.5749 (23.6% Fib R of 1.5169-1.5928).