GBP/USD struggles to extend recovery

FXStreet (Mumbai) – The GBP/USD pair continues to trade around 1.5280 after the release of a mixed batch of regional manufacturing and confidence indicators in the US.

US dollar steadies after GDP sell-off

The US dollar is regaining control after the sell-off witnessed post first quarter US GDP report. The GBP/USD pair recovered to 1.5290 levels. However, the pair is struggling to extend gains beyond the said level.

A better-than-expected Michigan confidence indicator at 90.7 supported the US dollar. Meanwhile, markets seem to have ignored the drop in the Chicago PMI to 46.2 in May. Consequently, the recovery in the pair halted and the pair dipped to 1.5280 levels.

GBP/USD Technical Levels

The pair now trades at 1.5280, with the immediate support seen at 1.5230, followed by support at 1.52. On the other hand, resistance is seen at 1.53 and 1.5336.

The GBP/USD pair continues to trade around 1.5280 after the release of a mixed batch of regional manufacturing and confidence indicators in the US.

(Market News Provided by FXstreet)