FXStreet (Mumbai) – The GBP/USD pair picked-up pace from the 200-DMA support located near 1.5344 and swung back higher to reach fresh session highs.
GBP/USD rises from hourly 200-SMA
The GBP/USD pair drops 0.78% to 1.5370, hovering near fresh session highs posted at 1.5374 some minutes ago. The major found renewed strength and attempts another run to break above the strong resistance zone at 1.5375-1.5390 levels.
Markets continue to digest the latest UK jobs report while extending the recovery towards 1.54 handle after Tuesday’s CPI-led slump. While repositioning ahead of the crucial US data also partly contributed to the rally in the cable.
Looking ahead, the major will be influenced by the sentiment on the US stocks while the US advance retail sales and PPI data are expected to remain the main drivers in markets.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5374/78 (Today’s High & H1 R2) above which gains could be extended to 1.5400 (round number). On the flip side, support is seen at 1.5316 (5-DMA) below which it could extend losses to 1.5258/54 (Oct 8 & Today’s Low) levels.
(Market News Provided by FXstreet)