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22 Jun 2015
GBP/USD struggles near 1.59
FXStreet (Mumbai) - The GBP/USD pair is trading in the narrow band of 1.5890-1.59 after having clocked a high of 1.5908 levels.
Trades above weekly 200-MA
The cable bounced from the support of 5–DMA located at 1.5872 earlier today to trade above its weekly 200-MA located at 1.5875. The positive news flow surrounding the Greek debt deal strengthened the offers on the US dollar.
The investors now await the Eurogroup meeting and the EU summit scheduled later today. The US housing data could also influence the pair.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5941 (61.8% Fib E of 1.4564-1.5813-1.5169), above which the pair could rise to 1.60. On the flip side, a break below 1.5876 (50% Fib R of 1.7190-1.4564) could see the pair target 1.58.
Trades above weekly 200-MA
The cable bounced from the support of 5–DMA located at 1.5872 earlier today to trade above its weekly 200-MA located at 1.5875. The positive news flow surrounding the Greek debt deal strengthened the offers on the US dollar.
The investors now await the Eurogroup meeting and the EU summit scheduled later today. The US housing data could also influence the pair.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5941 (61.8% Fib E of 1.4564-1.5813-1.5169), above which the pair could rise to 1.60. On the flip side, a break below 1.5876 (50% Fib R of 1.7190-1.4564) could see the pair target 1.58.