Sterling enjoyed a positive session after BoE said China's stock-market slump did not signal a slowdown for Britain.
- Cable opened at 1.5441 and traded range bound between 1.5462/35, a fraction firmer in a calm Asian session
- Later in the day, U.S. producer price index, University of Michigan consumer sentiment index and budget deficit data will be in focus for cues
- GBP/USD is currently trading at 1.5455, with immediate resistance at 1.5476 (Daily High Sep 10), breaks above could take the pair to 1.5490 levels
- On the downside support is seen at 1.5427 (Hourly Tenkan Line) and further below at 1.5389 (21-DMA)
Resistance Levels:
R1: 1.5476 (Daily High Sep 10)
R2: 1.5492 (50% of 1.5820-1.5164)
R3: 1.5508 (Daily High Aug 27)
Support levels:
S1: 1.5427 (Hourly Tenkan Line)
S2: 1.5389 (21-DMA)
S3: 1.5352 (200 DMA)
