GBP/USD: bulls take it above hourly 50-MA

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The bid tone on Sterling gained traction ahead of the European session, pushing the GBP/USD pair above its hourly 50-MA at 1.5424 levels.

    Supported by key Fib

    The pair bounced off the 23.6% fib retracement of the move witnessed from 1.5107 to 1.5509 located at 1.5414. Sterling witnessed a sharp recovery on Tuesday from the low of 1.5359 and closed the day marginally higher at 1.5419 levels.

    The focus now is on the UK services PMI data, which is expected to show the activity expanded at a higher rate in October.

    GBP/USD Technical Levels

    At 1.5427, the immediate resistance is seen at 1.5463 (50% of 1.5819-1.5107), 1.5475 (100-DMA) and 1.55 levels. A break above 1.55 would expose 1.5568 (38.2% of Jul 14-Mar 15 plunge). On the lower side, 1.5414 (23.6% of 1.5107-1.5509) could offer support, breach of which could send the pair lower to 1.5355 (38.2% of 1.5107-1.5509).
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