FXStreet (Mumbai) – The GBP/USD pair is trading around 1.5120 (23.6% of 1.5336-1.5053) levels in the early European session.
Sterling snapped 3-day losing streak
The cable snapped its three-day losing streak on Wednesday largely due to the upward revision of the UK 2016 GDP forecast by the Office for Budget Responsibility. That also helped Sterling advance on weak US personal spending and core PCE figures.
With no major data due today, the doors are opened for erratic trading amid thin volumes on account of trading holiday in the US.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5161 (38.2% of 1.5336-1.5053), above which the pair could target 1.52 levels. On the other hand, a failure to sustain above 1.5120 (23.6% of 1.5336-1.5053) would open doors for a re-test of 1.5087 (61.8% of Apr-Jun rally).
(Market News Provided by FXstreet)