GBP/USD Supported at 1.4600 Amid Holiday-Thinned Trades
The GBP/USD pair
found renewed bids just ahead of 1.46 handle and now takes on the
recovery towards daily highs amid a lack of fresh fundamental drivers as
the UK markets remain closed today in observance of May Day.
GBP/USD well above 5-DMA at 1.4597
The
GBP/USD pair trades modestly flat at 1.4613, having posted day’s high
at 1.4623 and day’s low at 1.4587. The cable closed the bearish opening
gap and now remains in close vicinity to the daily high as risk
sentiment improves somewhat on the back of a minor pullback seen in the
Asian stocks, particularly, the Nikkei.
The GBP/USD pair keeps
its range-trade intact above 1.46 handle since mid-Asia, as markets
closely follow the moves in the US dollar index amid holiday-thinned
trades and empty UK docket.
Next of note for the major remains
the US ISM manufacturing report due later today and UK’s manufacturing
PMI to be published on Tuesday.
GBP/USD Levels to consider
The
pair has an immediate resistance at 1.4670/71 (Feb 4 & Apr 29
High), above which 1.4700 (round number) would be tested. On the flip
side, support is seen at 1.4579/75 (daily S2/ Apr 29 Low) below that at
1.4522/1.4487 (10-DMA / 1h 200-SMA).
