FXStreet (Mumbai) – The GBP/USD pair clocked a high of 1.5101 levels as the post-NFP USD rally continues to unwind slow and steady ahead of the Fed speak in the US session.
Trades above key Fib
The spot trades above 1.5087 (61.8% of Apr-June rally) but the question remains if the pair could maintain gains above the same. The immediate focus is on the Fed’s Rosengren speech. The policymakers is more likely to state the doors are open for a Fed rate hike in December.
Meanwhile, it remains to be seen if the USD makes a comeback in the US session or the technical correction continues till NY closing.
GBP/USD Technical Levels
The immediate resistance is located at 1.5157 (hourly 50-MA), above which the pair could target 1.5163 (Sep 4 low). On the lower side, a failure to sustain above 1.5087 (61.8% of Apr-Jun rally) could push the pair back to 1.5025 (falling channel support) and 1.50 levels.
(Market News Provided by FXstreet)