GBP/USD drops below 1.53

FXStreet (Mumbai) – The fresh offers below key technical support at 1.5330 pushed the GBP/USD pair to a fresh session low of 1.5298.

Unrevised GDP and buying in EUR/GBP cross weighs over Pound

The British Pound is being punished for an unrevised first quarter GDP as against the market expectations of an upwardly revised print. Furthermore, the news of Greece nearing a deal with its international creditors, helped the EUR/GBP cross take out offers in 0.7125-0.7130 band and rise to 0.7147. The buying in the EUR/GBP cross made sure the GBP/USD pair sees no relief rally after having declined from the high of 1.5384.

Ahead in the day, the offered tone on the GBP could get more pronounced in case the weekly jobless claims in the US indicate further improvement in the US labor market.

GBP/USD Technical Levels

At the moment, the pair is hovering at 1.53. A failure to rise above the same could see the pair drop to its immediate support at 1.5260 (Apr. 27 high). On the flip side, a break above 1.5330-1.5336 could see the pair re-test 1.5376.

The fresh offers below key technical support at 1.5330 pushed the GBP/USD pair to a fresh session low of 1.5298.

(Market News Provided by FXstreet)