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GBP/USD consolidates around 100-DMA

FXStreet (Mumbai) - The GBP/USD is hovering around its 100-DMA at 1.5488 in early US session as the upside is being capped by the recovery in the EUR/GBP pair.

Focus on EUR/GBP cross

The sharp drop in the EUR/GBP cross was one of the major reasons for the uptick in the GBP/USD pair in the European session. The bid tone on the EUR improved somewhat in the early US session as the sliding commodity prices led European equities to erase gains, while US index futures trade with losses.

Consequently, the upside in the cable is being capped around its 100-DMA. Still, the Sterling remains on a positive footing; finding bids around 1.5478 levels.

GBP/USD Technical Levels

A break above the 200-DMA at 1.5488 would open doors for a rise to 1.5568 (38.2% of Jul14-Apr15 plunge). A break above the same could see the pair test 1.56. On the other side, support is seen at 1.5400 (50-DMA) and 1.5387 (Oct 13 high). A break below the same would expose 1.5354 (50% of last week’s 300-pip rally).

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