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GBP/USD recovers ahead of European opening bell

FXStreet (Mumbai) - The GBP/USD pair recovered moderate losses ahead of the European opening bell, but the gains remain muted as investors wait to see if the European stocks extend risk aversion or trade positive.

Back above key support

The cable is trading few pips above 1.5170 (Sep 1 low) levels. The Asian markets turned risk averse today, pushing the Sterling and other risk assets slightly lower. However, the bid tone improved once around the key support at 1.5170 levels.

The investors now look towards the European stock markets. The major equity futures are pointing to a weak opening. Meanwhile, the UK mortgage approvals and net consumer credit could also influence the pair.

GBP/USD Technical Levels

At 1.5180, the immediate resistance is located at 1.52, above which the spot could target 1.5248 (50% of Apr-June rally). On the other side, support is seen at 1.5170 (Sep 1 low) and 1.5135 (Sep 25 low).

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