GBP/USD stalls around 1.5690-1.5700

FXStreet (Mumbai) – The GBP/USD pair continues to struggle in the band of 1.5690-1.57 even though the common currency rose to fresh session highs against the USD amid Greek impasse.

Cable suffers cross related weakness

The pair has been unable to find fresh bids due to the rise in the EUR/GBP pair to a session high of 0.7093. A 100-pip recovery in the EUR/GBP from the low of 0.6986 weighed over the cable. Earlier today, the GBP/USD pair rose to a high of 1.5743 on the back of a sell-off in the EUR/GBP pair.

Meanwhile, the UK data – Money supply, Mortgage approvals and consumer credit was largely ignored by the markets. Ahead in the US session, the pair could be influenced by the US pending home sales and Dallas manufacturing business index figures.

GBP/USD Technical Levels

The immediate support is located at 1.5660-1.5650, under which the pair could target 1.5468 (200-DMA). On the other hand, resistance is seen at 1.5749 (23.6% 1.5169-1.5928) and 1.58 levels.

The GBP/USD pair continues to struggle in the band of 1.5690-1.57 even though the common currency rose to fresh session highs against the USD amid Greek impasse.

(Market News Provided by FXstreet)