FXStreet (Mumbai) – The GBP/USD pair erased gains and retraced to fresh session lows in the mid-European trades, as the USD bulls jumped back into the bids on the back improving risk appetite.
GBP/USD falls further from 1.5450 levels
The GBP/USD pair trades muted at fresh session lows of 1.5418, unable to sustain at higher levels. The cable stalled its recovery path near 1.5470 region and extended southwards as the greenback shaves-off losses and turned positive as we progress towards the US session.
Meanwhile, markets turn their attention towards tomorrow’s macro calendar with the UK CPI – the main highlight, amid a data-empty US session ahead. The UK CPI is expected to have risen 0.2% in August, moving back to positive territory from a 0.2% decline in the previous month.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5471 (Today’s High) above which gains could be extended to 1.5509 (Aug 27 High) levels. On the flip side, support is seen at 1.5400 below which it could extend losses to 1.5368 (Aug 27 Low) levels.
(Market News Provided by FXstreet)