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GBP/USD moderately weak in Asia

FXStreet (Mumbai) - The GBP/USD pair suffered moderate weakness in Asia, although the bid tone around GBP appears to be gathering pace ahead of the European session.

Focus on market sentiment

Sterling currently trades around 1.5580, after having recovered from the low of 1.5557 levels. The investors are likely to keep an eye on the overall market sentiment. The Fed’s decision to hold rates unchanged has not been well received by the markets. Still, the risk aversion has been moderate so far.

A bout of risk aversion could weigh over the risk currencies like Sterling and vice versa.

GBP/USD Technical Levels

The immediate resistance is located at 1.56, above which the spot could test 1.5690 (July 29 high). On the other side, support is seen at 1.5557 (daily low) and 1.5522 (50-DMA).

FOMC aftermath: Euro can surge to 1.16, reduction in dollar longs – SocGen

Kit Juckes, Research Analyst at Societe Generale, suggests that the Fed’s decision to leave rates on hold was not a surprise to a market positioned that way but the tone was not dollar supportive but the yield differentials are moving in the Euro’s favour and may take us back to 1.16.
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