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FXStreet (Mumbai) - The British Pound is being offered in the early European session after having failed near the key Fibo resistance, taking the GBP/USD pair below 1.5150 levels.
GBP/USD: Rejected by 61.8% Fib level
The pair failed to sustain above 1.5173 (61.8% Fib level of 1.5550-1.4564), after which, fresh offers made sure the pair extended losses to trade at the current level of 1.5145. Moreover, the European desks are buying USD on the first day of the week, leading to a broad based strength in the greenback.
Ahead in the day, the UK CBI total trends orders data could influence the pair. However, the pair will most likely be driven by the market's appetite for the US dollars.
GBP/USD Technical Levels
The immediate support is seen at 1.5117 (5-DMA), under which losses could be extended to 1.5057. On the flip side, a break above 1.5188 could drive the pair higher to 1.5274 levels.
