GBP/USD: Above 5-DMA for the first time in three weeks

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - At 1.4235, the GBP/USD pair is trading above its 5-DMA (seen today at 1.4211) for the first time after December 28th, 2015.

    Supported by hourly 100-MA

    The pair flirted with the hourly 100-MA in Asia before rising in early Europe. The risk-on in Asia also helped the British Pound stay upbeat. Meanwhile, the drop in the EUR/GBP cross also supported Cable.

    Ahead in the day, Sterling traders would keep an eye on the UK December retail sales figure. The turnover is seen contracting 0.3% m/m basis.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.43 (50-MA on 4-hr), above which the pair could test 1.4351 (23.6% of 1.5230-1.4079). On the other hand, a break below 1.4211 (5-DMA) could see the pair revisit 1.4129 (Jan 19 low).
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