GBP/USD – rejected at 50-DMA, bears moving forward

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Cable failed to take out 50-DMA hurdle at 1.4269 again in Asia, paving way for bears to make their presence felt owing to which the pair has dropped 1.4220 levels.

    Liquidity normalizes, Eyes Fed speak

    UK desks will be making a comeback after an extended weekend, which saw Cable jump from 1.4057 to 1.4282 levels amid thin volumes. The spike is being viewed with skepticism since Brexit fears remain are very much intact.

    Technical traders view the rise with skepticism as well, given the volumes were low. Traders now await Federal Reserve chief Yellen’s speech.

    GBP/USD Technical Levels

    The immediate hurdle is seen at 1.4269 (50-DMA), which if violated would open doors for a rise to 1.4286 (50% of 1.4515-1.4057) – 1.43 levels. On the other hand, a break below 1.42 would expose key support levels at 1.4175 (5-DMA) and 1.4154 (38.2% of 1.4669-1.3835).
    For more information, read our latest forex news.

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