GBP/USD: Bid tone strengthens in early Europe

Omkar Godbole FXStreet Contributor

FXStreet (Mumbai) - The GBP/USD is back near session highs ahead of the European opening bell, although the move lacked a fresh fundamental trigger.

Stuck at 1.5460

The upward momentum in the pair has repeatedly stalled closer to 1.5460, which is the 61.8% retracement of the June rally. The spot was rejected at 1.5460 on Friday and failed to sustain above the same on Thursday.

Ahead in the day, the sentiment in the major European equities could influence the spot. Meanwhile, the movement in the 2-year treasury yield ahead of Thursday’s FOMC would be watched out by traders as well.

GBP/USD Technical Levels

The spot currently trades around 1.5450. 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).

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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