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GBP/USD: bulls case stacking up

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - GBP/USD is currently trading at 1.5300 with a high of 1.5360 and a low of 1.5281.

    GBP/USD is failing on the 1.53 handle with mounting pressures in the greenbacks insurgency across the board. The 200 SMA was too much to handle for the less committed bulls last week on a minor recovery of the 22nd Oct lows. The trend is clearly bearish and targets 1.5200 here. GDP did not support Sterling's case, and US durables was the bears amo to go forth. We now await the FOMC and trade into the two day meeting is likely to be subdued as the price tests critical lows here.

    GBP/USD levels

    Technically, Valeria bednarik, chief analyst at FXStreet, noted that in the 4 hours chart, the 20 SMA capped the upside for a second day in-a-row, maintaining a strong bearish slope around the mentioned American session high, whilst the technical indicators hold below their mid-lines. "RSI heads lower near oversold territory, in line with further declines."
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