FXStreet (Mumbai) – The GBP/USD backed-off slightly from the session of 1.5467, but continues to trade around 1.5460 (61.8% retracement of the rally witnessed in June).
Stuck in a range
The spot is largely stuck in a 60-pip range of 1.5400-1.5460 since the Friday’s Asian session. The lack of a major fundamental data release out of the US and UK, coupled with the uncertainty surrounding the Fed decision restricted the spot to the said range.
The UK and the US economic calendar do not offer major data releases today. Consequently, the spot could continue to track the sentiment in the major equity markets ahead of Tuesday’s UK CPI event.
GBP/USD Technical Levels
The immediate resistance is located at 1.5460 (61.8% of June rally), above which the spot could target 1.55 levels. On the other side, support is seen at 1.54 (Friday’s low) and 1.5347 (200-DMA).
The GBP/USD backed-off slightly from the session of 1.5467, but continues to trade around 1.5460 (61.8% retracement of the rally witnessed in June).
(Market News Provided by FXstreet)