GBP/USD bounces-off 1.2950, but stays below 5-DMA

Dhwani Mehta FXStreet

The GBP/USD pair is seen making minor-recovery attempts from fresh three-day lows near the mid-point of 1.29 handle, although remains capped below 5-DMA placed at 1.2990.

GBP/USD awaits UK GDP report

Currently, GBP/USD strives hard to regain the bids, although in vain, as persistent risk-averse market conditions continue to exert downward pressure on the higher-yielding currencies such as the GBP. At the time of writing, GBP/USD trades a tad weaker at 1.2965, bouncing-off session lows struck at 1.2946 at Tokyo-open.

Moreover, a relatively higher greenback, in response to upwardly revised US GDP figures and hawkish-ish comments from the Fed officials a day before, add to the weaker tone seen behind the cable.

Later today, the UK current account and final GDP data remains on tap, ahead of a host of US dataflow due later in the NA session.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.2990/1.3000 (5 & 10-DMA), above which 1.3036 (daily S2) and 1.3090 (Sep 23 high) would be tested. On the flip side, support is seen at 1.2934 (Sept 27 low) below that at 1.2900 (key support) and at 1.2872/63 (mid-Aug lows).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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