GBP/USD steadies above 1.57, cross driven strength supports

FXStreet (Mumbai) – The GBP/USD pair fell to an intraday low of 1.5661 before moving back above 1.57 on a sell-off in the EUR/GBP pair due to Greek crisis.

Steadies around 1.5715

The pair currently trades steady around 1.5715 levels. The drop to 1.5661 in the Asian session was largely in line with the sell-off in the EUR/USD pair. The Greek crisis also led to a sell-off in the EUR/GBP cross, which took out this year low of 0.7013 and hit a low at 0.6985. The UK consumer credit, mortgage approvals, and M4 money supply figures due today are likely to be overshadowed by the Greece-led risk aversion in the markets.

It remains to be seen if the cable revisits lows after European desks enter the markets or manages to sustain above 1.57 levels amid a sell-off in the EUR/GBP pair.

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 fell to an intraday low of 1.5661 before moving back above 1.57 on a sell-off in the EUR/GBP pair due to Greek crisis.

(Market News Provided by FXstreet)