GBP/USD struggles to extend beyond 1.5160
GBP/USD supported at 1.5130
The GBP/USD pair trades modestly lower at 1.5152, having posted fresh session highs at 1.5157 some minutes ago. The recovery in GBP/USD from near 5-DMA remains intact, although lacks follow-through as the not so impressive BOE minutes continue to weigh on investors’ minds.
However, the downside remains cushioned on the back of crosses driven strength, with the rising GBP/JPY cross providing the much needed support to the major.
In absence of first tier economic updates from the UK docket, focus now remains on the retail sales, PPI and consumer sentiment data from the US for fresh incentives on the pair.
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GBP/USD Levels to consider
The pair has an immediate resistance at 1.5202 (Dec 10 High), above which 1.5225 (50-DMA) would be tested. On the flip side, support is seen at 1.5111/10 (5 & 20-DMA) below which it could extend losses to 1.5089 (Nov 10 low).