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GBP/USD: Bullish momentum stalled near 50-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The bullish momentum in the GBP/USD pair ran out of steam in the NY session near 50-DMA (then at 1.4325) and the spot now trades on a flat note around 1.4275.

    Eyes UK data

    Cable eyes UK trade balance data for January, which is expected to show the deficit widened in January. Traders would also keep a close watch on the EUR/USD pair, given the trend in most majors post ECB bazooka is being decided by the EUR/USD.

    Later in the day, US Import and Export price index is due for release, but traders may look through the same heading into the weekend.

    GBP/USD Technical Levels

    The immediate hurdle is seen at 1.4317 (50-DMA) – 1.4330 (23.6% of 1.5930-1.3835), above which the spot could target 1.4405 (Feb 19 high). On the other hand, a break below immediate support at 1.4247 (5-DMA) would expose 1.4173 (Mar 8 low).
    For more information, read our latest forex news.

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