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GBP/USD threatens to drop below 50-DMA and 100-DMA

FXStreet (Mumbai) - The offered tone on the GBP is gathering pace in the early US session, threatening to push the GBP/USD pair well below its 50-DMA and 100-DMA located at 1.5519 levels.

Eyes US data and FOMC rate decision

The spot could move few pips here and there after the US weekly initial jobless claims and monthly housing figures hit the wires. However, major moves could be seen only after the FOMC rate decision due later today.

Till, then the spot could waver aimlessly as investors are likely to delay the refrain from making big bets heading into the FOMC event.

GBP/USD Technical Levels

The spot currently trades around 1.5520. The immediate resistance is seen at 1.5568 (38.2% of July 2014 to March 2015 plunge), above which the pair could rise to 1.56 levels. On the other side, support is seen at 1.5486 (daily low) and 1.5424 (5-DMA).

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