GBP/USD breaches 1.4600 support, testing hourly 200-SMA

A renewed bout of selling interest gripped the pound over the last hour, knocking-off GBP/USD below 1.46 handle, despite low volumes and limited volatility.

GBP/USD capped by 1.4630

Currently, GBP/USD trades -0.31% lower at fresh session lows of 1.4592, failing to resist above 1.46 barrier. The cable extends its gradual descent and now came under renewed selling pressure amid a calm session, as the bulls completely shrugged-off a broadly muted US dollar and modestly higher European equities.

Looking ahead, markets await a fresh batch of economic releases this week, including  a series of UK PMI reports along with the US labour market report, which will provide further momentum on the major in light of the upcoming EU referendum scheduled on June 23.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4642/50 (5-DMA/ Round number), above which 1.4700 (Round number) would be tested. On the flip side, support is seen at 1.4550 (psychological levels) below that at 1.4515 (20-DMA).