GBP/USD revisits daily lows and recovers

By FXStreet FXStreet (Mumbai) – The GBP/USD pair fell back to its daily lows around 1.5180 after the US data, before recovering slightly to trade around 1.52 handle.

Holds on to moderate gains

Sterling is working hard to stay in the positive territory, trading with moderate gains ahead of the US opening bell. The sharp losses in the shares of mining firm Glencore have weighed over Sterling since early Europe. Meanwhile, the upbeat US data also added the bearish pressure.

Still the currency pair has managed to find fresh bids around 1.5185 (23.6% of Jul 14-Apr 15 plunge). The focus now shifts to the sentiment on the Wall Street and comments from the Fed officials.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5248 (50% of Apr-June rally), above which the pair could rise to 1.53 levels. On the downside, support is seen at 1.5163 (Sep 4 low) and 1.5135 (Friday’s low).
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Source:: FX Street