Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD offered at 1.5627
FXStreet (Mumbai) – The GBP/USD pair ran into offers at 1.5627 after which it dropped below 1.56, even though Gold prices remained resilient above USD 1110/Oz.
Another failure to sustain above 1.5607
The spot witnessed another failure to sustain above 1.5607, which is the 23.6% fib retracement of the Apr-June rally. Moreover, the spot failed to sustain gains despite the resilience in Gold. The sharp fall in Gold in the early Asian session had led to a moderate rally in the USD.
Consequently, the GBP and other majors moved higher against the USD as Gold recovered to trade above USD 1110/Oz. However, the metal has stayed resilient despite which, the cable fell to 1.5590 levels.
GBP/USD Technical Levels
The immediate support is seen at 1.5549 (50% of June rally), under which the spot could dip to 1.55 handle. On the other hand, resistance is seen at 1.5607 (38.2% of Apr-Jun rally) and 1.5638 (38.2% of June rally).
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Source: FXStreet
