FXStreet (Mumbai) – The upward momentum in the GBP/USD pair stalled around 1.5520 levels in Asian session, after which the pair backed-off to trade around 1.55 handle.
Focus on UK data
Ahead of the FOMC rate decision, the investors would watch out for the UK monthly retail sales data, which is expected to show whether higher wage growth is pushing households to spend more. The market expects retail sales to have slowed down in August.
Post UK retail sales, the expectations surrounding the FOMC rate decision are likely to hog the limelight. Heading into the event, the markets could look past the weekly jobless claims and monthly housing figures in the US.
GBP/USD Technical Levels
The immediate support is seen at 1.5460 (61.8% of June rally), under which the spot could drop to 1.54 levels. On the other side, resistance is seen at 1.5520 (100-DMA) and 1.5568 (38.2% of July 2014-Apr 2015 plunge).
The upward momentum in the GBP/USD pair stalled around 1.5520 levels in Asian session, after which the pair backed-off to trade around 1.55 handle.
(Market News Provided by FXstreet)