GBP/USD consolidates near daily highs

By FXStreet FXStreet (Mumbai) – The GBP/USD pair is trading in the sideways manner around its hourly 100-MA located at 1.5458 levels, after having recovered from the low of 1.5415 levels.

Focus on US stocks

The immediate focus is on the US stocks. At the moment, the major US index futures are up 0.5%. AN upbeat tone could keep Sterling happy in the NY session. Moreover, the recovery in Sterling was largely on the back of an uptick in the European stocks and upbeat domestic data.

Still, the trading activity could remain subdued as big traders may wait on the sidelines ahead of the UK retail sales and the ECB meeting due tomorrow.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5463 (hourly 50-MA), above which the spot could target 1.55 levels. A break above 1.55 would open doors for a rally to at 1.5557 (127.2% Fib expansion). On the lower side, a break below the daily low at 1.5415 would expose the 50-DMA at 1.5396. A daily close below the same would open doors for a sell-off to 1.5328 (200-DMA).
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Source:: FX Street