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).
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).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Latest Forex News
Editors’ Picks
EUR/USD bounces to stabilize around 1.1750
Fears keep ruling the financial boards as rising COVID-19 cases lead to fresh lockdowns across the Union, Germany included. Dollar correcting extreme overbought conditions.
GBP/USD falls below 1.30 amid fears of a UK lockdown, Brexit impasse
GBP/USD has dropped below 1.30 as the British government mulls a new lockdown to curb the spread of coronavirus. The pound is also pressured by the Brexit impasse.
XAU/USD hits fresh monthly lows near $1,870 and remains vulnerable
Gold is falling sharply and is down almost two percent, even after trimming losses. XAU/USD tumbled to $1,868/oz reaching the lowest level since late-September.
Bank of Canada leaves policy rate unchanged at 0.25% as expected
In a widely expected decision, the Bank of Canada (BoC) announced on Wednesday that it left its key rate unchanged at 0.25% following its October policy meeting.
WTI bounces off lows near $37.00/bbl post-EIA
Prices of the WTI remain on the defensive albeit off lows. Demand concerns dragged prices to 3-week lows near $37.00. EIA reported an unexpected 4.3 mb build during last week.