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GBP/USD: 50% of September gains retraced

FXStreet (Mumbai) - The slide in the GBP/USD pair continues in the early US session pushing it to within a touching distance from 1.5410 (50% of 1.5162-1.5658).

Session low of 1.5420

The pair hit a session low of 1.5420 as the US desks pitched in with fresh offers. The cable was rejected earlier today at its 50-DMA, following which a steady stream of offers pushed it below critical support levels at 1.5476 (Sep 10 high).

With no major US data due for release, cable remains at the mercy of the overall market sentiment. Later today, Fed’s Lockhart speech could also influence the Fed rate hike bets and affect the GBP/USD pair.

GBP/USD Technical Levels

At 1.5426, the immediate support is seen at 1.5410 (50% of 1.5162-1.5658), under which the losses could be extended to 1.5341 (200-DMA). On the other hand, resistance is seen at 1.5476 (Sep 10 high), followed by a hurdle at 1.55 levels.

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