GBP/USD consolidates above 1.5700, UK GDP eyed

FXStreet (Mumbai) - GBP/USD continues to trade around a flat line heading into European opening bells, as traders continue to digest the latest Greek developments as focus now shifts towards UK GDP and current account data to be released in the session ahead.

GBP/USD treads water ahead of UK data

The GBP/USD pair trades -0.08% lower at 1.5724, wavering in a 20-pips range. The cable extends its gradual overnight descent as the USD bulls regained lost ground amid latest rounds of Greek chatter suggesting rejection of the last minute offer by EC president Juncker. The bailout agreement between Greece and its international creditors expires today.

Meanwhile, the dollar index which measures the greenback’s strength against its major peers, now trades 0.29% higher at 95.35, supported above 95 levels.

Apart from ongoing Greek debt negotiations, a set of economic fundamentals may bring even more volatility to the currency pair later today. Macro releases from the UK include current account balance and final GDP print.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5789 (June 29 High) above which gains could be extended to 1.5800 levels. On the flip side, support is seen at 1.5704 (June 23 Low) below which it could extend losses to 1.5664 (June 29 Low) levels.