GBP/USD Bulls Fight Back Control, Re-takes 1.4450
The GBP/USD
pair stages solid comeback from ahead of 1.44 handle, and now swings
higher towards session tops as the underlying sentiment appears to turn
in favour of risk currencies.
GBP/USD bounces-off 1.4400
The
GBP/USD pair trades 0.31% higher at 1.4453, having found strong support
at 1.4404. The bid tone around the cable strengthened last hours,
taking the prices back towards 1.4450 levels as upbeat CBI industrial
trends data offered respite to the bulls. The UK CBI industrial trends
orders April slowed its pace of decline, coming in at -11 versus -15
expected.
Looking ahead, the next direction on the GBP/USD pair
is likely to be set by further moves on the USD, influenced by the
outcome of FOMC meeting due this Wednesday. While developments
surrounding Brexit and the oil price action will be also closely
monitored.
GBP/USD Levels to consider
The
pair has an immediate resistance at 1.4470 (6-week highs), above which
1.4500 (psychological levels) would be tested. On the flip side, support
is seen at 1.4400 (round figure) below that at 1.4382/74 (1h 50 &
100-SMA).
