7 Jul 2015
GBP/USD drops to 50-DMA
FXStreet (Mumbai) - The bid tone on the USD recovered in the early European session, sending the GBP/USD pair lower ot its 50-DMA currently located at 1.5569.
Rejected at 1.5609
The pair was rejected at 1.5609 and ran into fresh offers below 1.5606 (23.6% Fib R of Apr-June rally). The investors await the data in the UK, which could show the industrial production contracted 0.2% month-on-month in May. Year-on-year it is seen rising 1.6%.
Meanwhile, the GBP and other European currencies could also be influenced by the Greece related news coming out of the EU leaders special summit scheduled later today.
GBP/USD Technical Levels
The pair now trades at 1.5566. The immediate support is seen at 1.5550, under which the spot could target 1.5515. On the flip side, resistance is seen at 1.5606 and 1.5638.
Rejected at 1.5609
The pair was rejected at 1.5609 and ran into fresh offers below 1.5606 (23.6% Fib R of Apr-June rally). The investors await the data in the UK, which could show the industrial production contracted 0.2% month-on-month in May. Year-on-year it is seen rising 1.6%.
Meanwhile, the GBP and other European currencies could also be influenced by the Greece related news coming out of the EU leaders special summit scheduled later today.
GBP/USD Technical Levels
The pair now trades at 1.5566. The immediate support is seen at 1.5550, under which the spot could target 1.5515. On the flip side, resistance is seen at 1.5606 and 1.5638.