GBP/USD trims gains

By FXStreet FXStreet (Mumbai) – A modest USD recovery in early Europe, pushed the GBP/USD slightly lower to 1.5465 from its daily high of 1.5481 levels.

Stuck in the range

The pair has been largely restricted to a narrow range of 1.5410-1.5510 since Oct 14. A break out could be triggered today in case BOE’s, in his testimony, throws light on the timing of the interest rate hike. Meanwhile, the action in the EUR/GBP cross could also influence the pair.

Later in the week, the UK retail sales are expected to show the consumption continued to tick higher in September.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5489, above which the pair could rise to 1.5547 (61.8% of 1.5819-1.5107), followed by 1.5568 (38.2% of Jul14-Apr15 plunge). A break above the same would open doors for 1.5600-1.5620. On the lower side, a break below 1.5458 (hourly 50) would expose hourly 200-MA at 1.5384.
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Source:: FX Street