GBP/USD attempting a break from 20-pip range

By FXStreet FXStreet (Mumbai) – The GBP/USD is attempting to break out from the range of 1.5255-1.5275 as traders turned a blind eye towards the US weekly jobless claims data and hawkish comments from Fed officials.

Stays above key Fib

The pair has managed to stay above 1.5248 (50% of Apr-Jun rally) despite the upbeat jobless claims and hawkish comments from the Fed’s Mester. Moreover, the pair managed to bounce back from the low of 1.5227 despite the larger-than-expected drop in the UK retail sales.

With no major data due for release in the US today and tomorrow, the pair is at the mercy of the overall appetite for the US dollars. The UK public sector net borrowing figure due tomorrow may not have much impact on the pair.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5306 (50-DMA) and 1.5339 (200-DMA), above which the pair may target 1.54 handle. On the lower side, 1.5248 (50% of Apr-Jun rally ) could offer support followed by 1.52 handle.
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Source:: FX Street