After two consecutive sessions of losses, GBP/USD spot is recovering lost ground and remains on track to challenge 1.5500 the figure
- But strong resistance for the pair is located by cloud base at 1.5491, breaks beyond could take the pair to 1.5650 levels
- Upmoves remain capped amid broad based US dollar rebound as risk-sentiment returned with higher European indices and upbeat China data
- However, Techs point higher, 10 DMA has crossed over 20 & 200 day moving averages from below, reinforcing bullish bias
- Immediate resistance is located at 1.5481/1.5487 (Today's High & Oct 16 High), followed by 1.5493 (100-DMA) and then 1.5513 (high )
- On the flipside, a breach of 1.5415 (55-DMA) could take the pair to 1.5107 (low Oct 1) and then 1.5089 (low May 5) in sight
- Next important data releases from UK will be Retail Sales for Sept (due Thursday), while US NAHB index due today followed by Lacker's speech will be in focus for direction
