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GBP/USD back above key Fib in Asia

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The British Pound ran into fresh bids in Asia, taking the GBP/USD pair above 1.5463 (50% of 1.5819-1.5107) levels.

    Focus on EUR/GBP cross

    The UK economic calendar is empty today as well, thus, focus is likely to be on the action in the EUR/GBP cross. A sharp sell-off in the cross on Monday was the main reason for pushing the GBP/USD pair above its 100-DMA, before profit taking led to partial erosion of gains.

    Ahead of the Thursday’s ECB event and UK retail sales data, the cable is likely to take cues from EUR/GBP and US housing data.

    GBP/USD Technical Levels

    At 1.5478, the immediate resistance is seen at 1.5489, above which the pair could rise to 1.5547 (61.8% of 1.5819-1.5107), followed by 1.5568 (38.2% of Jul14-Apr15 plunge). A break above the same would open doors for 1.5600-1.5620. On the lower side, a break below 1.5458 (hourly 50) would expose hourly 200-MA at 1.5384.
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