GBP/USD: Range-trade intact near 1.5400

By FXStreet FXStreet (Mumbai) – The GBP/USD pair continues to trade around a flat-line near 1.54 handle, with every attempt to the upside sold-off near the hourly 200-SMA & 10-DMA resistance zone.

GBP/USD stuck around 1.5400

The GBP/USD pair trades 0.08% higher at 1.5405, hovering close to fresh session highs of 1.5416. The major finds it difficult to take out the key resistance at 1.5420, the confluence zone of the hourly 200-SMA & 10-DMA and extends its side-way movement amid lack of fresh fundamentals as the UK docket remains data-empty.

Moreover, the upbeat UK retail sales data backed upward momentum keeps fading as markets now turn their attention towards the key Fed decision due next Wednesday. While the major is headed to close the week in a tight range around 1.5400 levels, with the upside capped by the strong walls of 1.55 handle.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5421/20 (h1 200-SMA + 10-DMA) above which gains could be extended to 1.5500/09 (round number + Oct 21 High) On the flip side, support is seen at 1.5367 (Oct 21 Low) below which it could extend losses to 1.5346 (200-DMA).
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Source:: FX Street