FXStreet (Córdoba) - The GBP/USD managed to fill the downward gap left at the weekly opening, returning to Friday's closing area, although momentum was weak.



The GBP/USD recovered from a fresh 5-month low of 1.6535 but the bounce was recently capped by the 50-day SMA at 1.6575. At time of writing, the pair is trading around 1.6555, just where it closed Friday. There is no UK data scheduled for the day, but US PMIs and new home sales could offer some direction.



Last Friday, the US dollar strengthened further as comments from Fed Chair Yellen in Jackson Hole were perceived as less dovish, even though when she offered nothing really new.



GBP/USD levels to watch



As for technical levels, the GBP/USD could find immediate supports at 1.6535 (Aug 25 low), 1.6500 (psychological level) and 1.6460 (Mar 24 low). On the flip side, resistances are seen at 1.6600 (psychological level/100-hour SMA), 1.6651 (10-day SMA) and 1.6678 (Aug 20 high/200-day SMA).



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Heavy Event Risk in Jobs Data, Rate Decision Will Confront Summer Trading

  2. Forex News

    US Dollar as ‘Data Dependent’ as the Fed as NFPs Approach

  3. Forex News

    Monetary Policy Speculation Continues Next Week With NFPs, RBA and BoE

  4. Forex News

    GBP Opening Monthly Range Hinges on BoE Vote Count, Inflation Report

  5. Forex News

    BoE inflation report - TDS

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!