GBP/USD attempts another bounce to 200-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair found renewed bids near 50-DMA located at 1.5331 and attempted another run towards 200-DMA and beyond.

    GBP/USD jumps-off 1.5330

    The GBP/USD pair trades 0.24% higher at 1.5348, finding good support near 1.5330 area, where the 50-DMA and hourly 10-SMA confluence coincide. The major is seen picking-up pace and may surpass 200-DMA placed at 1.5353 levels once again en route to 1.54 barrier.

    The renewed strength in the cable could be partly attributed to some fresh selling seen in the greenback against its major competitors. The USD index now drops -0.31% to fresh session lows of 97.03.

    Later in the day, markets will take cues from the sentiment on the Wall Street. While a series of key US economic data due later in the Ney York session will be closely watched for further direction on the USD.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5360/64 (Oct 27 High/20-DMA) above which gains could be extended to 1.5400 (round number). On the flip side, support is seen at 1.5313/10 (1h 100-SMA/ Today’s Low) below which it could extend losses to 1.5245 (Oct 28 Low).
    For more information, read our latest forex news.

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