GBP/USD struggling to extend beyond 1.5500

By FXStreet FXStreet (Mumbai) – GBP/USD bounced-off fresh lows and now recovers to 1.55 handle, extending its choppy-trend into the European morning, as risk-off moods returned to markets, denting the appetite for riskier assets.

GBP/USD remains volatile

The GBP/USD pair trades -0.07% lower at 1.5495, recovering from fresh session lows reached at 1.5477 in recent dealings. The cable re-attempts 1.55 handle and erased partial losses as the greenback shaved-off gains and now trades muted against its major peers.

Moreover, the US dollar lost strength across the board as the falling European indices reignited risk-off sentiment with traders giving away the newly pronounced risk-currency – the US dollar.

Meanwhile, traders now await a set of macro releases from the UK which may have some impact on the GBP/USD pair. While the US economic calendar remains data-light with nothing relevant on the cards.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5530 (Today’s High) above which gains could be extended to 1.5569 (Sept 21 High) levels. On the flip side, support is seen at 1.5477 (Today’s Low) below which it could extend losses to 1.5449 (Aug 26 Low) levels.
For more information, read our latest forex news. …read more

Source:: FX Street