The problem that signal levels may change slowly over time, e.g., as a result of ranges in temperature, is overcome by employing an automatic gain control feedback loop using a comparator, hereinafter referred to as a feedback slicer, connected to the output of a programmable gain amplifier to determine whether the output of the programmable gain amplifier is higher or lower than the desired signal level to which it is known to correspond. In particular, the decision level for the feedback slicer is set so that it is equal to the desired amplitude of a correctly amplified symbol. The gain of the programmable gain amplifier is adjusted, e.g., slowly over time, so that the amplitude of the amplified symbol hovers about that level. More than one signal level may be tracked. If so, each level tracked employs its own feedback slicer. Advantageously, the hardware for performing the automatic gain control is simplified, providing a cost reduction, and if implemented on a chip, a real estate savings may be realized as well.