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GBP/USD off lows ahead of the European session

FXStreet (Mumbai) - The GBP/USD pair trimmed losses to trade around 1.5230 ahead of the European session as bears take a breather after a four day winning streak.

GBP/USD on track for a weekly loss

The currency pair has shed more than 400 pips this week, which is likely to put an end to the two-week rally.
Sterling was rejected earlier this week at 1.5568, post which a sustained sell-off amid dropping Fed and BOE rate hike bets pushed it to a low of 1.52 on Thursday.

With an empty UK data docket, the currency pair is likely to take cues from the Fed speak and third estimate of the US GDP report due later today.

GBP/USD Technical Levels

At 1.5230, the immediate resistance is located at 1.5248 (50% of Apr-June rally), followed by a major resistance at 1.5334 (200-DMA). On the other side, support is seen at 1.52 and 1.5163 (Sep 4 low).

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