9 Jul 2015
GBP/USD consolidates in band of 1.54-1.5380
FXStreet (Mumbai) - The GBP/USD is trading in the 20-pip range of 1.54-1.5380 after having ran into offers at the high of 1.5420. The losses in the EUR/USD pair are weighing over the GBP.
Risk-on short lived?
The Shanghai Composite driven risk-on rally is proving to be short lived as both major European currencies – GBP and EUR erased gains against the USD. However, the cable is outperforming the EUR/USD pair mainly on account of the drop in the EUR/GBP cross.
Given the empty UK data docket, the spot remains at the mercy of the overall market sentiment. Greece issue could hog the limelight in the European session after having taken a back seat in the Asian session due to the sharp rally in Chinese stocks.
GBP/USD Technical Levels
The pair currently trades at 1.5390, with the support is seen at 1.350 and 1.5325. On the other hand, resistance is seen at 1.5408 and 1.5459.
Risk-on short lived?
The Shanghai Composite driven risk-on rally is proving to be short lived as both major European currencies – GBP and EUR erased gains against the USD. However, the cable is outperforming the EUR/USD pair mainly on account of the drop in the EUR/GBP cross.
Given the empty UK data docket, the spot remains at the mercy of the overall market sentiment. Greece issue could hog the limelight in the European session after having taken a back seat in the Asian session due to the sharp rally in Chinese stocks.
GBP/USD Technical Levels
The pair currently trades at 1.5390, with the support is seen at 1.350 and 1.5325. On the other hand, resistance is seen at 1.5408 and 1.5459.