The US dollar trimmed gains in the market and pulled back. GBP/USD is recovering after falling earlier to 1.4349, the lowest level in a week.
The recovery was capped at 1.4410 and the pair dropped back under 1.4400. It was trading at 1.4395, 100 pips below Friday’s closing price.
GBP/USD levels to watch
During the last two hours it has remained relatively steady moving between 1.4400 and 1.4370. If it falls below 1.4375, a test of daily lows could be expected. Below 1.4350, support levels could be seen at 1.4325 (Fed 02 low) and 1.4300 (psychological).
To the upside, a consolidation above 1.4410, resistance levels might lie at 1.4445/50 (Fed 5 low) and 1.4470 (20-hour moving average).
(Market News Provided by FXstreet)