14 Jul 2015
GBP/USD drops to 1.5452
FXStreet (Mumbai) - The GBP/USD pair has been offered to 1.5452 levels in the early European session after the news of Iran deal pushed crude prices sharply lower.
Lower energy could drag inflation lower
The Iran deal would open doors for increased crude exports from Iran and worsen the supply glut problem. Consequently, the lower energy prices could drag inflation expectations lower. Hence, the most of the major currencies are being pushed lower against the US dollar.
Ahead in the day, the UK inflation data is due for release. In the US session, the retail sales data could influence the currency markets.
GBP/USD Technical Levels
At the moment the pair is trading at 1.5453. The immediate resistance is seen at 1.55, above which the spot could target 1.5550 (50% R of June rally). On the other hand, support is seen at 1.5450 and 1.54 levels.
Lower energy could drag inflation lower
The Iran deal would open doors for increased crude exports from Iran and worsen the supply glut problem. Consequently, the lower energy prices could drag inflation expectations lower. Hence, the most of the major currencies are being pushed lower against the US dollar.
Ahead in the day, the UK inflation data is due for release. In the US session, the retail sales data could influence the currency markets.
GBP/USD Technical Levels
At the moment the pair is trading at 1.5453. The immediate resistance is seen at 1.55, above which the spot could target 1.5550 (50% R of June rally). On the other hand, support is seen at 1.5450 and 1.54 levels.