The stability of an axially moving string system subjected to parametric excitation resulting from speed fluctuations has been examined in this paper. The time-dependent velocity is assumed to be a harmonically varying function around a (low) constant mean speed. The method of characteristic coordinates in combination with the two timescales perturbation method is used to compute the first-order approximation of the solutions of the equations of motion that governs the transverse vibrations of an axially moving string. It turns out that the system can give rise to resonances when the velocity fluctuation frequency is equal (or close) to an odd multiple of the natural frequency of the system. The stability conditions are investigated analytically in terms of the displacement-response and the energy of the system near the resonances. The effects of the detuning parameter on the amplitude of vibrations and on the energy of the system are also presented through numerical simulations.