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GBP/USD finds support at lower end of the trading range

FXStreet (Mumbai) - The GBP/USD pair was offered in early Europe on Tuesday, but managed to find support around the lower end of the 4-day trading range of 1.5410-1.5510.

Focus on UK data

The pair awaits the data in the UK, which could show the public sector net borrowing dropped in September. The borrowing data would be followed by UK retail sales figure due tomorrow. The markets expect the figure to show consumer spending continued to tick higher in September.

Across the pond, the data calendar is empty, hence, sentiment on the Wall Street could set the tone in the FX markets in the NY session.

GBP/USD Technical Levels

At 1.5420, the immediate support is seen at 1.5410 (lower end of trading range – 1.5410-1.5510), under which the pair could drop to 1.5395 (50-DMA) – 1.5387 (Oct 13 high). A break below the same would open doors for a fall to 1.5328 (200-DMA). On the higher side, 1.5453 (5-DMA) could serve as immediate resistance, above which 1.55 handle could be tested.

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