So far in Asia this Wednesday, GBP/USD

FXstreet.com (San Francisco) - So far in Asia this Wednesday, GBP/USD has operated within a tight 15-pip range between 1.5850 and 1.5866, last at 1.5855. 


“The pair needs a clear break below the 1.5800 level to be able to accelerate lower, while gains above 1.5920 seem limited for the upcoming sessions,” commentsValeria Bednarik, Chief Analyst at FXstreet.com. Support levels may be found at 1.5845, 1.5800 and 1.5770, while resistance levels lie at 1.5890, 1.5920 and 1.5960.

GBP/USD has been exhibiting similar trends to its European counterpart. In a similar fashion to EUR/USD today, it received some support following market talk of Asian sovereign names on the bid at the lows. This provided the pair with a break to the upside; however it failed to build on the gains and is lower moving into the second half of the US session. The gains were further capped with buying in EUR/GBP placing additional downward pressure. There has been little in the way of UK news or data to help assist the pair and decouple it away from the EUR, and its continental exposure remains the biggest influence