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GBP/USD: Bulls exhausted near key Fib resistance

FXStreet (Mumbai) - The GBP/USD pair ran into a wall of resistance at 1.5568 levels, which is the 61.8% retracement of 1.5819-1.5162 and 38.2% retracement of July 14-May 15 plunge.

Back below hourly 50-MA

The spot now trades few pips below its hourly 50-MA located at 1.5560. Sterling dipped to 1.5515 in Asia before recovering back above its 100-DMA at 1.5528 and extending gains to 1.5568 levels. However, the momentum appears to have stalled in an unusual situation of weak stocks and upbeat treasury yields.

With an empty economic calendar in Europe, the cable could continue to follow the sentiment in the US stocks and the movement in the US treasury yields.

GBP/USD Technical Levels

The pair currently trades around 1.5546 levels. The immediate resistance is seen at 1.5568 (daily high), above which the spot could extend gains to 1.56 levels. On the other side, support is seen at 1.5506 (daily low) and 1.5452 (hourly 200-MA).

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