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GBP/USD recovery loses steam, eases to 1.5265

FXStreet (Mumbai) - GBP/USD retraced from session highs and edged lower towards 5-DMA in the European morning, as the greenback pared losses on improved risk-sentiment after European stocks swung back into gains.

GBP/USD trades above 5-DMA

The GBP/USD pair trades 0.15% higher at 1.5271, easing-off session highs reached at 1.5286. The major stalled its recovery from two-week lows and is seen consolidating amid a data-empty GBP calendar, with focus now shifting towards the US data and Fed Chair Yellen’s speech due later in the NA session.

The cable rebounded on Thursday following four consecutive sessions of losses, as the greenback lost steam somewhat against its major rivals after the recent speculations over the Fed rate hike outlook faded.

In the day ahead, the most eyed event of the week in terms of US macro releases will likely be durable goods orders data released simultaneously with jobless claims data, while the latest report on new home sales for August will follow later.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5286 (Today’s High) above which gains could be extended to 1.5315 (Sept 3 High) levels. On the flip side, support is seen at 1.5218 (Sept 23 Low) below which it could extend losses to 1.5168 (Sept 7 Low) levels.

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