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GBP/USD: Volatile in a narrow range

FXStreet (Mumbai) - The GBP/USD Is trading volatile in the narrow range of 1.5160-1.5190 levels in the European session on account of month end activity in the EUR/GBP cross and risk aversion in the equity markets.

Supported by EUR/GBP sell-off

The latest spike in the cable from 1.5160; though quickly erased; was triggered by a drop in the EUR/GBP cross. The GBP/USD pair now trades around its hourly 50-MA located at 1.5186 levels. The immediate focus is on the UK mortgage approvals and net consumer credit figure.

In the US session, the investors could take cues from the US Shiller home price index and consumer confidence figure.

GBP/USD Technical Levels

At 1.5175, the immediate resistance is seen at 1.5193 (daily high)-1.52 levels, followed by a major hurdle at 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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