GBP/USD Subdued Around 1.4400, Ignores Better Risk Tone
The GBP/USD pair
failed to sustain at higher levels and struggles around 1.44 handle, as
the bears fought back control amid mixed oil prices and higher Asian
equities.
GBP/USD: 100-DMA at 1.4356 in focus
The
GBP/USD pair trades marginally lower at 1.4400, retreating from session
lows reached at 1.4389 last minutes. The cable trades in an extremely
narrow, slightly under pressure ahead of the European open amid broad
based US dollar strength and weaker oil prices.
Meanwhile,
sentiment towards the GBP/USD pair remains subdued as there are no
significant fundamental drivers to provide fresh incentives on the pair.
While the second-liner data in the form of goods trade balance from the
UK docket will be eyed ahead of the Fed official Dudley’s speech due
out shortly.
GBP/USD Levels to consider
The
pair has an immediate resistance at 1.4465/1.4500 (1h 100-SMA/ round
number), above which 1.4538 (1h 200-SMA) would be tested. On the flip
side, support is seen at 1.4356/50 (100-DMA/ psychological levels) below
that at 1.4310/00 (Apr 22 Low/ round figure).
