GBP/USD consolidates around key Fib level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair is trading in the sideways manner below 100-DMA and around 50% of fib retracement of 1.5819-1.5107 located at 1.5463.

    Focus on US data

    Sterling spiked across the board after the UK manufacturing PMI in October printed at 16-month high with a notable improvement in the new export orders. The cable rally ran out of steam near 1.5497 levels.

    The focus now is on the US Oct ISM manufacturing report, which is expected to print at 50.00 – which means the activity growth stalled.

    GBP/USD Technical Levels

    The immediate support is seen at 1.5409 (38.2% of Apr-Jun rally), under which the losses could be extended to 1.5357 (hourly 200-MA) and 1.5338 (200-DMA). On the higher side, resistance is seen at 1.5482 (100-DMA), above which the pair could extend gains to 1.5547 (61.8% of 1.5819-1.5107).
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