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23 Jun 2015
GBP/USD falls below 1.58 in Asian session
FXStreet (Mumbai) - The bid tone on the USD strengthened in the Asian session on Tuesday, pushing the GBP/USD pair well below 1.58 levels.
USD strengthens as Greek deal optimism faded away
The EU chief’s calming words on Monday failed to have a lasting impact. Consequently, the buying demand in the USD spiked as the investors await more definite and precise developments with regard to Greek deal. The spot was offered at the high of 1.5825 in line with the weakness in the EUR/USD pair.
Ahead in the day, the pair could be influenced by the UK CBI total trends data. The action in the EUR/GBP cross could also affect the GBP/USD pair.
GBP/USD Technical Levels
The pair currently trades at 1.5782. The immediate support is seen at 1.5479 (23.6% Fib R of 1.5169-1.5928), under which the pair could drop to 1.57. On the flip side, a break above 1.5813 could see the pair target 1.5876 (50% R of 1.7190-1.4564).
USD strengthens as Greek deal optimism faded away
The EU chief’s calming words on Monday failed to have a lasting impact. Consequently, the buying demand in the USD spiked as the investors await more definite and precise developments with regard to Greek deal. The spot was offered at the high of 1.5825 in line with the weakness in the EUR/USD pair.
Ahead in the day, the pair could be influenced by the UK CBI total trends data. The action in the EUR/GBP cross could also affect the GBP/USD pair.
GBP/USD Technical Levels
The pair currently trades at 1.5782. The immediate support is seen at 1.5479 (23.6% Fib R of 1.5169-1.5928), under which the pair could drop to 1.57. On the flip side, a break above 1.5813 could see the pair target 1.5876 (50% R of 1.7190-1.4564).