GBP/USD attempts a bounce to 1.5500

GBP/USD attempts a bounce to 1.5500
FXStreet (Mumbai) – GBP/USD recovered half its slide and attempts to reclaim 1.55 in the mid-European session, despite persistent broad based US dollar strength, as markets took profits after the major slid to fresh one-week lows earlier this session.

GBP/USD awaits US data

The GBP/USD pair trades -0.15% lower at 1.5488, consolidating below 1.5500. The cable trimmed losses and struggles to regain 1.55 handle as a broadly stronger US dollar continues to weigh on the GBP.

However, any recovery may be short-lived as Thursday’s tepid UK retail sales data continue to dampen market sentiment. June retail sales numbers showed that consumer’s shopping habits are subdued, falling 0.2% on a monthly basis compared to 0.3% in the previous month.

Looking ahead, next week’s Federal Open Market Committee meeting is taking some attention, although the Federal Reserve is not expected to make any changes in its monetary policy, but should comment on the possibilities of a September rate hike.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5523 (Today’s High) above which gains could be extended to 1.5552 levels. On the flip side, support is seen at 1.5467 (Today’s Low) below which it could extend losses to 1.5412 (July 7 Low) levels.
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GBP/USD attempts a bounce to 1.5500
Source: FXStreet