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3 Jun 2015
GBP/USD drops to 1.5330
FXStreet (Mumbai) - The GBP/USD pair ran into offers at a high of 1.5373, thereby pushing the pair lower to 1.5330 levels ahead of the UK services PMI data.
Cable suffers EUR driven weakness
The latest sell-off in the pair was largely driven by a sell-off the EUR/USD pair, which continues to be the cynosure of all eyes amid Greek deal saga. Moreover, the movement in the EUR/USD is guiding the overall trading in the USD against other major currencies.
Ahead in the day, the UK calendar includes the release of the monthly services PMI data, while the US calendar offers the release of monthly ADP employment report, followed by US ISM non-manufacturing data.
GBP/USD Technical Levels
At the moment, the pair is trading at 1.5343. The immediate resistance is located at 1.5377 (200-DMA), above which gains could be extended to 1.5417. On the flip side, a break below 1.5330 could push the pair down to 1.5293 (5-DMA).
Cable suffers EUR driven weakness
The latest sell-off in the pair was largely driven by a sell-off the EUR/USD pair, which continues to be the cynosure of all eyes amid Greek deal saga. Moreover, the movement in the EUR/USD is guiding the overall trading in the USD against other major currencies.
Ahead in the day, the UK calendar includes the release of the monthly services PMI data, while the US calendar offers the release of monthly ADP employment report, followed by US ISM non-manufacturing data.
GBP/USD Technical Levels
At the moment, the pair is trading at 1.5343. The immediate resistance is located at 1.5377 (200-DMA), above which gains could be extended to 1.5417. On the flip side, a break below 1.5330 could push the pair down to 1.5293 (5-DMA).