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GBP/USD back at hourly 50-MA after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD ran into fresh offers, pushing the GBP/USD pair back to its hourly 50-MA located at 1.5465 levels after the official report showed US industrial production contracted for the second month.

    Supported at 23.6% retracement

    The pair found support at 1.5436, which is the 23.6% retracement of the move witnessed this week from the Tuesday’s low of 1.52 to Thursday’s high of 1.5509 levels. The GBP/USD pair slumped earlier today on account of a broad based USD recovery ahead of the weekend.

    However, the US weak industrial production figure pushed the spot back to 1.5465 levels. The focus now shifts to the US University of Michigan Confidence index due for release in a few minutes.

    GBP/USD Technical Levels

    The spot now trades at 1.5465, with the immediate resistance seen at 1.5465, above which gains could be extended to 1.5486 (100-DMA) and 1.55 levels. On the other hand, support is seen at 1.5436 followed by a strong support at 1.5404 (50-DMA).
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