GBP/USD Subdued Around 1.4400, Ignores Better Risk Tone

GBP/USD Subdued Around 1.4400, Ignores Better Risk Tone

10 May 2016, 08:09
Roberto Jacobs
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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).


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