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GBP/USD volatile, bounces-off 1.5300

FXStreet (Mumbai) - GBP/USD witnessed wild swings after the European opening, quickly retracing from highs and struck session lows just below 1.53 handle, only to recover and swing back higher towards 1.5335 levels, where it now trades.

GBP/USD keeps the red

The GBP/USD pair trades -0.17% lower at 1.5335, recovering from a brief dip to 1.5298 lows. The major posted fresh two-week lows at1.5298 after a sudden bout of fresh offers hit the pound, dropping nearly 70 pips from session highs reached at 1.5365 levels, with no trigger seen for such moves in last hours.

Meanwhile, the UK traders remain cautious as mounting China slowdown fears continue to dampen the overall market sentiment. While the UK macro calendar remains empty, with focus now shifting towards the central bankers’ speeches due later in the US session.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5368 (Today’s High) above which gains could be extended to 1.5400 levels. On the flip side, support is seen at 1.5298 (Today’s Low) below which it could extend losses to 1.5266 (Sept 8 Low) levels.

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