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GBP/USD consolidates in MA cluster

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - GBP/USD is currently trading at 1.5443 with a high of 1.5487 and a low of 1.5430.

    GBP/USD is consolidated at the end of the week, having made a come back from the support of the 200 SMA on the hourly earlier down at 1.5240 region on a rally while broad based dollar weakness ensued. There has been a lack of impetus for the pound today, although BoE's Forbes was upbeat with comments on the economy who suggested a rate rise should come sooner than later which gave the pound a bit of a last minute boost for the week.

    Technically, Karen Jones, chief analyst at Commerzbank suggested, "Dips will find nearby support at 1.5405/1.5355 today, but we note the 13 count on the 240 minute chart today and should find some resistance ahead of here at 1.5540 on the day," adding, A move below 1.5280 should alleviate immediate upside pressure, but we will need sub 1.5200 to retarget the 1.5108 low. The more important 1.5086/1.5000 support which is the 61.8% retracement and psychological support is likely to provide strong support. Above the cloud at 1.5490 will see the 1.5540 zone come into play."
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