18 May 2015
GBP/USD falls below 1.57
FXStreet (Mumbai) - The American dollar is being bid higher in the early European session, taking the GBP/USD pair to a session low of 1.5667.
GBP/USD: Eyes key Fib level
The pair is inching closer to 1.5660, which is the 61.8% Fib expansion level of 1.4564-1.5490-1.5088. The US dollar has been rising steadily across the board since the early Asian session. The European desks also appear to be favoring the US dollar even though the Fed’s Evans said the bank is unlikely to achieve its 2% inflation target until 2018 and that he is not in favor of raising rates in 2015.
GBP/USD Technical Levels
The immediate support is seen at 1.5661, under which losses could be extended to 1.5606 (10-DMA). On the flip side, a break above 1.5727 (5-DMA), above which gains could be extended to 1.58.
GBP/USD: Eyes key Fib level
The pair is inching closer to 1.5660, which is the 61.8% Fib expansion level of 1.4564-1.5490-1.5088. The US dollar has been rising steadily across the board since the early Asian session. The European desks also appear to be favoring the US dollar even though the Fed’s Evans said the bank is unlikely to achieve its 2% inflation target until 2018 and that he is not in favor of raising rates in 2015.
GBP/USD Technical Levels
The immediate support is seen at 1.5661, under which losses could be extended to 1.5606 (10-DMA). On the flip side, a break above 1.5727 (5-DMA), above which gains could be extended to 1.58.