24 Jul 2015 GBP/USD: Bears get the second wind, drops to 1.5470 FXStreet (Mumbai) - The GBP bears are back in the game in the early European session, taking the GBP/USD> spot to a session low of 1.5470 after the corrective rally repeatedly failed to push the spot above 1.5520. GBP/USD: Drops to 9-day lowThe spot now trades at the 9-day low. The drop in the GBP witnessed today is the continuation of the bear trend witnessed in the previous session that was triggered by a weaker-than-expected UK retail sales. With no major UK data due for release today, the GBP bears are likely to dominate the markets. In the US session, the US new home sales and preliminary US manufacturing figures could influence the cable. GBP/USD Technicals: Bears in controlAt the moment, the spot is hovering around 1.5470, with bears dominating all time-frames on the charts. As per technicals, a break below 1.55 has opened doors for 1.5459 (61.8% Fib R of June rally). On the higher side, the GBP bulls could come-in only above 1.5549 (50% Fib of June rally).
