GBP/USD recovers to 1.5700

FXStreet (Mumbai) – GBP/USD keeps losses in the European session, recovering from fresh session lows, as the US dollar paused its upsurge and gave back half its gains versus its major peers, lending helping hand to the GBP bulls. While ongoing Greek concerns continue to boost the risk-off moods untouched, keeping the pound in red.

GBP/USD pressured amid Greek uncertainty

The GBP/USD pair trades -0.31% lower at 1.5702, recovering from fresh session lows reached at 1.5685 last hours. The cable manages to fight back and erased partial losses mainly on US dollar retreat across the board.

The dollar index which measures the greenback’s strength against its major peers, now trades 0.37% higher at 95.95, retracing from 96.60 highs. The USD bulls took charge earlier this session and pushed GBP/USD lower as the greenback strengthened on tumbling EUR/USD on Greek concerns.

Later in the day, the cable will track US dollar moves amid lack of UK fundamentals while US pending home sales and fresh Greek updates will be closely watched.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5739 (Today’s High) above which gains could be extended to 1.5800 levels. On the flip side, support is seen at 1.5685 (Today’s Low) below which it could extend losses to 1.5623 (June 17 Low) levels.

GBP/USD keeps losses in the European session, recovering from fresh session lows, as the US dollar paused its upsurge and gave back half its gains versus its major peers, lending helping hand to the GBP bulls. While ongoing Greek concerns continue to boost the risk-off moods untouched, keeping the pound in red.

(Market News Provided by FXstreet)