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GBP/USD back above key Fib in Asia

FXStreet (Mumbai) - The British Pound ran into fresh bids in Asia, taking the GBP/USD pair above 1.5463 (50% of 1.5819-1.5107) levels.

Focus on EUR/GBP cross

The UK economic calendar is empty today as well, thus, focus is likely to be on the action in the EUR/GBP cross. A sharp sell-off in the cross on Monday was the main reason for pushing the GBP/USD pair above its 100-DMA, before profit taking led to partial erosion of gains.

Ahead of the Thursday’s ECB event and UK retail sales data, the cable is likely to take cues from EUR/GBP and US housing data.

GBP/USD Technical Levels

At 1.5478, the immediate resistance is seen at 1.5489, above which the pair could rise to 1.5547 (61.8% of 1.5819-1.5107), followed by 1.5568 (38.2% of Jul14-Apr15 plunge). A break above the same would open doors for 1.5600-1.5620. On the lower side, a break below 1.5458 (hourly 50) would expose hourly 200-MA at 1.5384.

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