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GBP/USD: back above 200-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair bounced-off from a key Fib support in the NY session on Friday and rose back above its 200-DMA located at 1.5318 in Asia today.

    Stuck around hourly 50-MA

    The spot is struggling to extend gains over and above its hourly 50-MA located at 1.5333 levels. Given the holiday in Japan and in US, the trading volumes are likely to remain low. The Euroland economic calendar is empty as well. Consequently, technical forces have a free hand today.

    Later in the day, speech from Fed officials could dominate the wires. Ahead in the week, sterling could see major action on domestic inflation and labor data releases.

    GBP/USD Technical Levels

    At 1.5330, the spot faces immediate hurdle at 1.5333 (hourly 5-MA), a break above which would expose 1.5383 (Friday’s high), followed by a major hurdle at 1.5414 (50-DMA). On the other side, support is seen at 1.5318 (200-DMA) and 1.53 (23.6% 1.5930-1.5107, from where the pair bounced-off), under which the pair could target 1.5248 (50% of Apr-Jun rally).
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