7 Jul 2015
GBP/USD drops below 61.8% Fib R of June rally
FXStreet (Mumbai) - The GBP/USD pair took out the support of 1.5460 (61.8% Fib R of June rally) to print a fresh session low of 1.5453.
GBP/USD suffers 150 pip fall
The spot is down almost 150 pip from the high of 1.5609 seen in the early European session. The pair has been dragged lower after the EUR/USD pair broker below the psychological level of 1.10. The offers were strong enough to counter the positive industrial production figures in the UK.
Apart from the influence of the EUR/USD pair, the fall witnessed today may have been due to technical selling. Ahead in the day, the JOLTS job openings in the US and the EU summit could influence the pair.
GBP/USD Technical Levels
The immediate support is seen at 1.5400, under which the pair could target 1.5328 (200-SMA). On the flip side, a break above 1.55 could see the pair re-test 1.5532.
GBP/USD suffers 150 pip fall
The spot is down almost 150 pip from the high of 1.5609 seen in the early European session. The pair has been dragged lower after the EUR/USD pair broker below the psychological level of 1.10. The offers were strong enough to counter the positive industrial production figures in the UK.
Apart from the influence of the EUR/USD pair, the fall witnessed today may have been due to technical selling. Ahead in the day, the JOLTS job openings in the US and the EU summit could influence the pair.
GBP/USD Technical Levels
The immediate support is seen at 1.5400, under which the pair could target 1.5328 (200-SMA). On the flip side, a break above 1.55 could see the pair re-test 1.5532.