FXStreet (Mumbai) - The bid tone on the GBP improved slightly in Asia after the GBP/USD pair managed to move back above its 50-DMA located at 1.5522 levels.
Rejected at 1.5659
The spot turned lower from the high of 1.5659 levels on Friday on the back of profit taking in USD shorts and fresh demand for the US treasuries on account of risk aversion in the equity markets. Sterling recovered from the low of 1.5514 to trade around 1.5540 levels.
The UK calendar offers no major data release today, consequently, the pair could continue to track the overall market sentiment.
GBP/USD Technical Levels
The immediate resistance is located at 1.5562 (Aug 18 low), above which the pair could extend gains to 1.5659 (previous day’s high). On the other side, immediate support is seen at 1.5522 (50-DMA) and 1.55 levels.
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