GBP/USD stuck in tight range, around 1.5440

By FXStreet FXStreet (Mumbai) – The GBP/USD pair is seen oscillating in a 10-pip slim range heading into the European opening bells, with markets await fresh incentives for further direction.

GBP/USD trades below 100-DMA

The GBP/USD pair trades flat at 1.5442, unable to extend beyond 1.5450 levels. The major is currently consolidating the steep fall witnessed in the last US session after the USD bulls took complete control following solid numbers on the US housing data.

The cable once again sold-off the 1.55 handle on Tuesday and retreated sharply, having found fresh bids at 5-EMA near 1.5440 region, where it now wavers.

Meanwhile, the EUR macro calendar remains data-thin with only the UK’s public sector credit growth data due to be reported in the session ahead. While BOE Governor Carney’s speech due later in the US session will be eyed.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5468 (100-DMA) above which gains could be extended to 1.5500/06 (round number + Oct 20 High) On the flip side, support is seen at 1.5400 (h1 200-SMA) below which it could extend losses to 1.5345 (200-DMA).
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Source:: FX Street