GBP/USD lost its traction and fell below 1.1500 during the American trading hours on Tuesday as the dollar managed to regather its strength on upbeat data.
Meanwhile, Wall Street’s main indexes turned negative on the day, providing an additional boost to the USD.
GBP/USD faces initial resistance at 1.1550 (static level, 20-period SMA on the four-hour chart). With a four-hour close above that level, additional buyers could come into play and help the pair push higher toward 1.1600 (psychological level, static level) and 1.1650 (static level, the end-point of the latest uptrend).
Supports are located at 1.1500 (Fibonacci 23.6% retracement, psychological level), 1.1450 (50-period SMA), and 1.1435 (Fibonacci 38.2% retracement).