GBP/USD bounces off 10-DMA, back above key Fib level

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair ran into fresh bids at the 10-DMA at 1.5078 and moved back above 1.5115 (50% of 1.5336-1.4895).

    Eyes non-farm payrolls

    The US November non-farm payrolls report is likely to show the economy added 200K jobs, while the unemployment rate stayed unchanged at 5%. Traders would also see if the average weekly earnings are holding up well.

    It remains to be seen if the payrolls report triggers a major adjustment in the Fed rate hike bets. Only then the FX markets could react as the Fed rate hike is widely considered as a done deal now.

    GBP/USD Technical Levels

    At 1.5130, a break below the immediate support at 1.5115 (50% of 1.5336-1.4895) would expose 1.5087 (50% of Apr-Jun rally), which, if taken out would expose the hourly 100-MA at 1.5041. On the other side, resistance is seen at 1.5164 (Sep 4 low) and 1.5167 (61.8% of 1.5336-1.4895). A break higher would open doors for 1.52 handle.
    For more information, read our latest forex news.

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