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29 May 2015

GBP/USD hits session low of 1.5265

FXStreet (Mumbai) - The offered tone on the GBP/USD pair got more pronounced after failing to sustain above 1.53 levels, thereby pushing the pair down to its fresh session low of 1.5265.

Pound hurt by buying in the EUR/GBP cross

The latest drop in cable from 1.5290-1.53 to 1.5265 could be attributed to the buying in the EUR/GBP cross, which took out offers around 0.7160 to rise to 0.7189 levels. Earlier today, the pair was rejected in the technical resistance zone of 1.5330-1.5336, leading to a drop to 1.53, which was extended further to 1.5265 levels.

At the moment, the pair is trading within a touching distance from the previous session’s low at 1.5260. Further buying in the EUR/GBP cross may continue to weigh over cable. Investors also await the second estimate of US Q1 GDP due later today.

GBP/USD Technical Levels

The immediate support is seen at 1.5260, under which the pair could target 1.5189 (50% Fib R of 1.4564-1.5813). On the flip side, a break above 1.5336 could drive the pair higher to 1.5393 (200-DMA).
May 29, 2015

DAX eases-off fresh weekly lows

Germany’s benchmark index, the DAX extends its downslide for the second straight session, although recovered from fresh one week lows, as traders remain worried Greece's deal with creditors is far from a reality.
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May 29, 2015

USD/JPY recovers to 123.85

The Japanese yen erased most gains versus its US counterpart in the mid-European trades, with USD/JPY consolidating below 124 barrier. The yen rebounded today from fresh twelve year lows on better-than-expected Japanese inflation figures, while markets now shift their focus towards revised US GDP for fresh direction.
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