GBP/USD rejected near 5-DMA, hits fresh lows below 1.3260

The GBP/USD pair failed several attempts to extend above 5-DMA located at 1.3289, and now wavers in a 20-pips tight range, awaiting fresh impetus from the American session ahead.

GBP/USD off-highs, near daily pivot

Currently, GBP/USD trades -0.10% at fresh session lows of 1.3252, making lower tops on the hourly sticks over the last few hours. The cable’s recovery from Friday’s sell-off lost steam just shy of 5-DMA, with the major now consolidating near five-day troughs in absence of economic releases from the UK and US docket today.

Markets prefer to remain on the side-lines and favor the US currency somewhat heading into Fed Governor Brainard’s speech due later today for fresh insights on the Fed monetary policy stance, which is expected to have significant impact on the USD-price action.

GBP/USD Levels to consider                           

The pair has an immediate resistance at 1.3289/1.3305 (5 & 10-DMA), above which 1.3334 (Sept 7 high) would be tested. On the flip side, support is seen at 1.3223 (20-DMA) below that at 1.3160 (50-DMA).