GBP/USD: Slightly offered amid broad USD correction

Dhwani Mehta FXStreet

The GBP/USD pair is seen on a retreat from two-week tops reached at 1.2561 a day before, as the greenback attempts a tepid-bounce in Asia, correcting the previous heavy losses.

However, the major remains confined in a 30-pips narrow range, as markets continue to assess the implications of the US Treasury Secretary Mnuchin’s on the US economy and greenback. Dollar Hit By Washington Grind

While a lack of fresh fundamental drivers so far this session also adds to the subdued trading activity around cable. Next on tap for the spot remains the US datasets and CFTC report, which will provide fresh impetus.

GBP/USD Levels to consider

At 1.2540, the supports are aligned at 1.2514 (daily pivot) and 1.2496 (5-DMA) and below that at 1.2474 (10-DMA). On the flip side, the upside barriers are lined up at 1.2561 (2-week high) and 1.2600 (zero figure) and below that at 1.2651 (daily R2).

1. R3 1.2584
2. R2 1.2533
3. R1 1.2502
PP 1.2452
1. S1 1.2421
2. S2 1.2371
3. S3 1.2340

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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