GBP/USD muted around 1.5345, awaits fresh incentives

By FXStreet FXStreet (Mumbai) – The GBP bulls seem to be having a tough time during the European afternoon, with GBP/USD fading a spike to 1.5370 and now trading modestly flat as markets await fresh updates from the upcoming US session.

GBP/USD awaits US data

The GBP/USD pair trades almost unchanged at 1.5346, unable to extend gains towards 0.74 handle. The major hovers below the mid-point of the 1.53 handle and treads water ahead of the US session as markets continue to digest the latest PMI report from the UK as well as China.

The cable failed another attempt to the upside as the UK manufacturing PMI print weighs on the investors’ sentiments. In August, the Markit/CIPS PMI measure fell to 51.5, down from last month’s 51.9, and below expectations of a 52.0 reading.

Meanwhile, focus now shifts to the upcoming set of US manufacturing PMI readings which may provide further insights into the GBP/USD trading.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5408 (Today’s High) above which gains could be extended to 1.5437 (Aug 31 High) levels. On the flip side, support is seen at 1.5311 (Today’s Low) below which it could extend losses to 1.5256 (June 9 Low) levels.
For more information, …read more

Source:: FX Street