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GBP/USD: gains capped at 100-DMA

FXStreet (Mumbai) - The bullish momentum in the GBP/USD pair is being capped around 10-DMA at 1.5484 levels in early Europe after having witnessed massive gains in the previous sessions.

Falling channel intact

Despite the sharp rally, the pair is still stuck inside the falling channel on the daily charts. The broad based USD weakness post US data keeps Sterling upbeat, although the gains are being capped around the channel resistance at 1.5484 levels.

The Euroland economic calendar offers now major data releases. So the focus is on the US monthly CPI due later today.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5484 (100-DMA), followed by a hurdle at 1.5568 (38.2% of Jul 14-Apr 15 plunge). A break above the same would expose 1.5608 (23.6% of Apr-Jun rally). On the other hand, a break below 1.5405 (50-DMA) would open doors for 1.5322 (200-DMA).

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