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GBP/USD at fresh session highs

FXStreet (Mumbai) - The GBP/USD pair clocked a fresh high of 1.5610 levels in early Europe as the USD continues to find fresh offers after dovish Fed and amid weak European stocks.

Struggles near 1.56

Despite the weakness in the USD, the spot is having a tough time extending gains over and above 1.56 handle. Moreover, the speculation of the BOE rate hike delay could catch fire since the dovish tilt from the Fed has not been well received by the markets.

With no major European or US data due, the Cable remains at the mercy of the overall market sentiment reflected by the movement in the stocks, gold and Treasury yields.

GBP/USD Technical Levels

The immediate resistance is located at 1.5605, above which the spot could test 1.5690 (July 29 high). On the other side, support is seen at 1.5557 (daily low) and 1.5522 (50-DMA).

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