12 Jun 2015
GBP/USD hits session low of 1.5265
FXStreet (Mumbai) - The GBP/USD pair fell to a session low of 1.5265 after German Chancellor Angela Merkel’s concerns regarding strong Euro triggered a broad based rally in the US dollar.
GBP/USD: supported by sell-off in the EUR/GBP cross
At the moment, the pair is trading at 1.5501 as the sell-off in the EUR/GBP cross supported the cable. Merkel’s reportedly termed excessive strength in Euro as a hindrance to effectiveness of reforms in Spain and Ireland. Consequently, the EUR/USD fell sharply, dragging most currencies lower against the USD.
However, the selling the EUR/GBP cross helped the GB/USD pair recover from the low of 1.1.5465 to trade around 1.55. Ahead in the day, the cable could remain well supported by the selling in EUR/GBP cross.
GBP/USD Technical Levels
The immediate support is seen at 1.5465, under which the pair could target 1.5416. On the flip side, a break above 1.5525 could drive the pair higher to 1.5567.
GBP/USD: supported by sell-off in the EUR/GBP cross
At the moment, the pair is trading at 1.5501 as the sell-off in the EUR/GBP cross supported the cable. Merkel’s reportedly termed excessive strength in Euro as a hindrance to effectiveness of reforms in Spain and Ireland. Consequently, the EUR/USD fell sharply, dragging most currencies lower against the USD.
However, the selling the EUR/GBP cross helped the GB/USD pair recover from the low of 1.1.5465 to trade around 1.55. Ahead in the day, the cable could remain well supported by the selling in EUR/GBP cross.
GBP/USD Technical Levels
The immediate support is seen at 1.5465, under which the pair could target 1.5416. On the flip side, a break above 1.5525 could drive the pair higher to 1.5567.