GBP/USD breaks below 1.53, tracks European equity futures

By FXStreet FXStreet (Mumbai) – The GBP is being offered in the early European session, taking the GBP/USD pair down to a fresh daily low of 1.5280.

Eyes 50% retracement of Apr-Jun rally

The spot is fast approaching 1.5248 levels (50% R of Apr-June rally), after running into offers at the high of 1.5320 earlier today. The cable appears to be moving in line with the activity in the European equity futures. Sterling, being perceived as a risk-on currency, ticked up moderately in line with almost 1% gain in the DAX and FTSE futures.

However, fresh offers on GBP came-in as the major equity futures pared gains for a brief moment, before recovering back to trade near daily highs. Consequently, the GBP/USD pair is trading around 1.5290 levels.

GBP/USD Technical Levels

The immediate resistance is located at 1.5362 (200-DMA), above which the spot could target 1.54 levels. On the flip side, support is seen at 1.5280 (daily low) and 1.5088 (May 5 low).
For more information, read our latest forex news. …read more

Source:: FX Street