FXStreet (Mumbai) – The GBP/USD pair strengthened moderately in Asia, but the gains were capped at the 5-DMA of 1.4262 levels.

Hovers around 1.4245

The spot currently trades around 1.4245. The USD remains resilient despite a slightly dovish FOMC statement. However, analysts are of the opinion the USD bulls should stay cautious since the Fed played down March rate hike bets.

Sterling traders await the preliminary UK fourth quarter GDP figure. Across the pond, US durable goods figure, weekly jobless claims and pending home sales are due for release.

GBP/USD Technical Levels

The immediate resistance is seen at 1.4262 (5-DMA), above which the spot could target 1.4309 (Jan 25 high). A break higher would expose 1.4351 (23.6% of 1.5230-1.4079). On the other hand, a break below 1.4231 (daily low) would expose 1.42 under which the spot could test bids at 1.4129 (Jan 19 low).

The GBP/USD pair strengthened moderately in Asia, but the gains were capped at the 5-DMA of 1.4262 levels.

(Market News Provided by FXstreet)

By FXOpen