FXStreet (Mumbai) - The second wave of buying took the GBP/USD pair to a high of 1.5418 before the bulls took a breather and paved way for a minor dip to 1.5395-1.54 area.
Hovers around 5-DMA
The spot is hovering around its 5-DMA located 1.54 after having rallied almost 90 pips from its daily low of 1.5330. The solid wage and employment data highlighted the tightness in the labor market and pushed up the UK gilt yields.
It remains to be seen if the BOE rate hike bets spike following today’s wage figure. At the moment, a majority in the markets expect the BOE to hike rates in Q1 2016. Ahead in the day, the spotlight would be on the US monthly CPI figure.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5418 (daily high), above which the spot could target 1.5476 (Sep 10 high). On the other side, support is located at 1.5345 (200-DMA) and 1.53 levels.
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