GBP/USD ignores US data, trades around 1.54

By FXStreet FXStreet (Mumbai) – The GBP/USD pair continues to hover around 1.54 levels as traders turned a blind eye towards a slightly weaker-than-expected Chicago PMI data.

Directionless at month end

The spot is trading largely directionless heading into the weekend as volumes are low on account bank holiday in London. The Chicago PMI for August printed at 54.4, compared to the estimate of 54.5. The employment index improved but remained in contraction. However, the report was largely ignored by the markets.

Meanwhile, the USD continued to show resilience to the drop in the equities. The Dow Jones is trading 1% lower, despite which the USD is managing to hold ground against majors.

GBP/USD Technical Levels

The immediate resistance is located 1.5450 (23.6% of last week’s drop) followed by a hurdle at 1.5482 (100-DMA). On the flip side, support is seen at 1.54 (daily low) and 1.5335 (Friday’s low).
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Source:: FX Street