GBP/USD sidelined below 1.5200

Pablo Piovano FXStreet

FXStreet (Edinburgh) - The sterling is posting meager gains vs. its American counterpart at the beginning of the week, taking GBP/USD to the 1.5185/80 band so far.

GBP/USD looks to risk for direction

The pair’s almost uninterrupted decline from the 1.5830 area in late August seems to have found some decent buffer in the upper 1.5100s so far, levels last seen in May.

The absent of relevant releases in the UK economy plus the inactivity derived from the US Labor Day holiday will prompt traders to hinge on the risk appetite trends when comes to determine a clearer direction.

Ahead in the week, the immediate significant data emerge on Wednesday, with UK’s Industrial Production, Manufacturing Production, Trade Balance figures and the NIESR GDP estimates.

GBP/USD levels to watch

As of writing the pair is up 0.02% at 1.5176 with the immediate support at 1.5150 (low May 6) followed by 1.5100 (psychological level) and then 1.5089 (low May 5). On the upside, a breakout of 1.5276 (high Sep.4) would target 1.5297 (high Sep.3) and finally 1.5326 (high Sep.2).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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