European leaders are meeting for a two-day summit in Brussels tomorrow driven by disputes over whether and when to rescue Greece from financial collapse. Euro sinks it’s lowest against the dollar in 10 months. GBP came closer to March low and below it's 61.8% fibo at 1.4950.
Market bias negative for all currencies against dollar could continue tomorrow but there could also be a short term bounce from oversold position.
We think GBP/USD might get some push towards 61.8% fibo level at 1.4947. That also could be a resistance. If it can pass through that level then we think it will hit the next resistance at 1.5039 which was yesterday’s high.
Downside risk will be limited at 1.4781 March low short term.
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