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GBP/USD trims gains after US ADP report

FXStreet (Mumbai) - The GBP/USD trimmed gains to trade around 1.5175 levels after the ADP report in the US showed the private sector added jobs at a faster than expected rate in September.

Hovers around key support

The pair is hovering just above the key support at 1.5170 (June 1 low). The ADP number beat the estimates to print at 200K, leading to the broad based strength in the USD. Earlier today, the British Pound was buoyed by the quarter end book closing even though the second quarter UK GDP estimate was revised lower on the annualised basis.

Ahead in the US session, the focus is likely to be on the sentiment on the Wall Street. Meanwhile, unwinding of GBP shorts on account of the quarter end book closing could also continue to influence the pair.

GBP/USD Technical Levels

At 1.5173, the immediate resistance is seen at 1.5213 (daily high), 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 1.51 levels.

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