GBP/USD Struggles to Hold 1.45 Handle, Awaits UK Trade Data
Having surrendered 1.45 handle in early Asia, the GBP/USD pair continues to trade around a flat-line near the last, unable to find a clear direction amid widespread risk-aversion.
GBP/USD: 50-DMA next support
Currently, GBP/USD trades modestly flat at 1.4507, hovering around 1.45 handle over the past few trading hours. The cable appears to extend its side-trend into early Europe, with the intraday bias tilted to the downside as risk-off sentiment is likely to drive the market in the session ahead amid falling UK Gilt yields led by intensifying Brexit fears.
However, fading Fed rate hike bets this summer continues to cushion the downside in the GBP/USD pair, as we head towards the UK trade data and US jobless claims release today. While on the developments surrounding Brexit, we have a public debates on the Brexit issue, with three representatives each supporting "Leave" and "Remain" camp.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4540 (20-DMA), above which 1.4600 (round number) would be tested. On the flip side, support is seen at 1.4477/72 (5 & 50-DMA) below that at 1.4439/33 (daily S2/ Jun 7 Low).