GBP/USD offered above 1.5740, hovers near 1.57

FXStreet (Mumbai) – The GBP/USD pair ran into fresh offers above 1.5740 largely due to the recovery in the EUR/GBP pair on hopes of Greek deal.

Cable tracks EUR/GBP pair

The common currency is being favoured by the European desks as the EU officials expressed a possibility of Greek deal. Consequently, the EUR/GBP pair recovered from the Asian session low of 0.6986 to trade at 0.7050 levels. The uptick in the cross ensured the GBP/USD pair was rejected at 1.5743.

The cable now trades around 1.57. Ahead in the day, the Greek issue and the movement in the EUR/GBP could continue to have a major impact on the pair. The UK domestic data is likely to be overshadowed amid the risk-on/risk-off moves.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5749 (23.6% Fib R of 1.5169-1.5928), above which the pair could extend gains to 1.58 levels. On the flip side, a break below 1.57 could see the pair re-test the daily low at 1.5661.

The GBP/USD pair ran into fresh offers above 1.5740 largely due to the recovery in the EUR/GBP pair on hopes of Greek deal.

(Market News Provided by FXstreet)