9 Jun 2015
GBP/USD drops below 38.2% Fib levels, rejected at 200-DMA
FXStreet (Mumbai) - The British Pound ran into offers, after the GBP/USD pair fell back below its 200-DMA located at 1.5359, taking it well below 1.5336 (38.2% Fib R of 1.4564-1.5813).
USD making a comeback
The US dollar is making a comeback across the board after the EUR/USD pair erased gains and fell below 1.13 levels. For the past few sessions, the other major currency pairs have been largely mimicking the movement in the EUR/USD pair. Consequently, the GBP/USD pair fell into losses as well.
Fresh offers below 1.5336 ensured the pair extended losses to hit a session low of 1.5294. At the moment, the pair is trading at 1.5302; down 0.30% on the day.
GBP/USD Technical Levels
The immediate support is seen at 1.5296 (50-DMA), under which the pair could drop to 1.5260. On the flip side, a break above 1.5336 could see the pair re-test 1.5362.
USD making a comeback
The US dollar is making a comeback across the board after the EUR/USD pair erased gains and fell below 1.13 levels. For the past few sessions, the other major currency pairs have been largely mimicking the movement in the EUR/USD pair. Consequently, the GBP/USD pair fell into losses as well.
Fresh offers below 1.5336 ensured the pair extended losses to hit a session low of 1.5294. At the moment, the pair is trading at 1.5302; down 0.30% on the day.
GBP/USD Technical Levels
The immediate support is seen at 1.5296 (50-DMA), under which the pair could drop to 1.5260. On the flip side, a break above 1.5336 could see the pair re-test 1.5362.