GBP/USD Testing 1HR 200-SMA to the Downside, UK Jobs Eyed
The GBP/USD pair
extended its retreat from above 1.45 handle and now inches lower
towards 1.4300 levels as a broadly higher greenback weighs on the major
amid mixed Asian session.
GBP/USD flirting with key support near 1.4430
Currently, GBP/USD trades -0.17% lower at 1.4437, having posted session
lows at 1.4432 in the last hour, where the hourly 50, 100 & 200-SMA
coincide. The cable ran through fresh offers near daily pivot at 1.4458
and extended further to the downside, as the US dollar rebounded sharply
higher against a basket of six major currencies amid a slightly better
risk tone, induced by better-than expected Japanese GDP data.
Moreover, the USD bulls continue to ride higher on upbeat UIS CPI-driven
wave and bolster the greenback ahead of the FOMC minutes due for
release later today. Meanwhile, focus now remains on the UK labour
market report lined up for release in the EU session, especially after a
softer UK CPI print.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4487/1.4500 (20-DMA/ round
number), above which 1.4524 (May 17 High/ daily R1) would be tested. On
the flip side, support is seen at 1.4400 (round figure) below that at
1.4360 (50-DMA).
