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GBP/USD recovery stalls near 10-DMA

FXStreet (Mumbai) - The GBP/USD recovery stalls near 10-DMA in the European morning, with the prices now hovering around 1.54 handle, awaiting fresh cues from the European open.

GBP/USD supported at 100-DMA

The GBP/USD pair trades modestly flat at 1.5400, extending recovery from 1.5367 weekly lows struck yesterday. The major is trading directionless as markets continue to digest the recent ECB news, which triggered massive moves across the fx board on Thursday.

On Thursday, the cable failed at 1.55 handle for the sixth time over the past eight trading sessions and dropped sharply after the ECB QE hints spurred a broad based USD rally, weighing heavily on major.

Meanwhile, in the day ahead, little of relevance from the UK docket and the major is likely to get influenced by the risk-on/off market profile.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5414/18 (Today’s High + 10-DMA) above which gains could be extended to 1.5500/09 (round number + Oct 21 High) On the flip side, support is seen at 1.5367 (Oct 21 Low) below which it could extend losses to 1.5346 (200-DMA).

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