GBP/USD advances near 1.5440, session highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The bid tone remains intact around the sterling on Wednesday, now lifting GBP/USD to print fresh daily tops in the 1.5440 area.

    GBP/USD focus on Services PMI

    The pair seems to have decoupled from the recent weakness seen in the risk-associated universe, managing well to sustain the trade above the 1.54 barrier amidst a strong pick up in the demand for the US dollar.

    Next of relevance in the pair will be the final figures of the Services PMI during last month. Consensus expects the PMI to have ticked a tad higher to 54.5 from 53.3, which could in turn give further legs to the pair.

    GBP/USD levels to watch

    At the moment, the pair is up 0.01% at 1.5426 with the next resistance at 1.5465 (100-day sma) ahead of 1.5485 (downtrend from 1.5820) and finally 1.5528 (76.4% Fibo of 1.5659-1.5106). On the other hand, a break below 1.5349 (200-day sma) would aim for 1.5317 (38.2% Fibo of 1.5659-1.5106) and then 1.5226 (6-month uptrend).
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