GBP/USD wipes-out UK PMI-led gains, reverts to 1.5130

By FXStreet FXStreet (Mumbai) – The pound erased gains and retreated from highs versus the US dollar in the European session, now pushing GBP/USD towards familiar range near 1.5130.

The UK-data led rally fades

The GBP/USD pair trades flat at 1.5130, retracing from fresh daily highs reached 1.5157 after the data release. The GBP bears re-emerged and washed away entire UK PMI- inspired gains, sending GBP/USD back to 1.5130-1.5125 region, where it traded almost through the Asian session.

Further, fading risk-on trades as the European indices pare gains, with the DAX turning negative, also adding to the bearish pressure on the cable.

Markets appear to have shrugged-off the in-line with estimates the UK manufacturing PMI as focus now shifts towards the US datasets for fresh cues.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5208 (Sept 29 High) above which gains could be extended to 1.5243 (Sept 28 High) levels. On the flip side, support is seen at 1.5108 (Today’s Low) below which it could extend losses to 1.5087 (May Lows) levels.
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Source:: FX Street