GBP/USD off weekly lows, near 1.5490

GBP/USD off weekly lows, near 1.5490
FXStreet (Mumbai) – The offered tone around the GBP/USD pair remains intact during the mid-European session, now pushing the major slightly away from session lows, as the pound remains pressured on the back of rising greenback against tis major peers. While markets now await US economic news due out later for fresh incentives.

GBP/USD rises from 1.5467

The GBP/USD pair trades -0.17% lower at 1.5488, bouncing-off fresh one-lows reached at 1.5467. The cable keeps losses, although recovered from lows, as a broadly stronger greenback on profit-taking after the recent drop continue to remain a drag.

Moreover, markets continue to weigh Thursday’s tepid UK retail sales data which dragged the GBP/USD pair to fresh weekly lows below 1.55 barrier. 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 off weekly lows, near 1.5490
Source: FXStreet