FXStreet (Mumbai) – The offers on GBP strengthened, taking the GBP/USD pair lower to 1.5430 after repeatedly failing to rise above 1.55 levels.
Trades at support
The pair now trades at its key technical support at 1.5439 (June 4 high). The initial weakness was seen in the early Asian session, when the pair dropped to 1.55 levels following a rejection at a high of 1.5537. Fresh offers came-in after the pair repeatedly struggled to sustain above 1.55 levels.
The investors now await US macro data due for release later today. The advance retail sales are seen rising 1.1%, while the weekly jobless claims are seen at 277K.
GBP/USD Technical Levels
A break below the immediate support at 1.5425 (hourly 50-MA), could drive the pair lower to 1.5360 (hourly 100-MA). On the other hand, a rise above 1.5450 could see the pair re-test 1.5490 levels.
(Market News Provided by FXstreet)