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GBP/USD bulls attack offers around 50-DMA

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Sterling remains well bid in the US session, with GBP/USD pair attempting gains above 50-DMA level of 1.4318 levels.

    Poised for weekly gain

    The spot is trading well above its weekly opening price of 1.4223. Investors had another look at ECB’s stimulus program today and thus stock markets strengthened and EUR dropped. The risk-on in the markets, coupled with a better-than-expected UK trade deficit figure helped Sterling advance against the USD.

    Unless there is a significant shift in the overall market sentiment, the pair appears on track for a second weekly gain. The spot printed at a high of 1.4338 and currently sits around the same.

    GBP/USD Technical Levels

    The immediate hurdle is seen 1.4350 (61.8% of 1.4669-1.3835), above which the spot could target 1.4405 (Feb 19 high). On the other hand, a break below immediate support at 1.4252 (50% of 1.4669-1.3835) would expose 1.4173 (Mar 8 low).
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