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GBP/USD tests 1.54 handle

FXStreet (Mumbai) - An attempt was made by the GBP/USD pair to take back losses, but the momentum quickly ran out of steam at a high of 1.5401.

Back below 5-DMA

The pair is back below its 5-DMA at 1.5394. A minor bout of weakness in the USD in early Europe saw GBP and EUR tick moderately higher, however, the rising Fed rate hike bets ensured the gains were quickly pared.

The immediate focus is now on the Bank of England events – rate decision, minutes, and quarterly inflation report.

GBP/USD Technical Levels

At 1.5390, the immediate support is seen at 1.5350 (50% of Jan 2009 low-July 2014 high), 1.5277 (support of the rising trend line Oct1 low-Oct 29 low). On the higher side, resistance is seen at 1.5433 (resistance of the falling trend line Aug 25 high-Oct 22 high), 1.5470 (100-DMA), and 1.55 levels.

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