GBP/USD downside eyes key 200 DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - GBP/USD is currently trading on the offer with a high of 1.5511 and a low of 1.5386.

    GBP/USD has been testing the 1.54 handle to the downside with the aforementioned score below opening up space below the 200 SMA at 1.5414 on the hourly charts currently.

    Retails sales were a positive surprise for Sterling traders in London ahead of the ECB announcements and dovish press conference while US data continues to come out upbeat raising hopes for a rate hike in December as the Fed seek to normalise their monetary policy into 2016 with incremental rate rises. We also heard from Carney today, who feels it is close call for him in terms of whether to vote for a hike around the turn of the year.

    GBP/USD levels

    Technically, we are testing the 9 DMA here with eyes back on the 200 DMa at 1.5330 on any follow through in supply. A recovery over 1.5520 would be needed to alleviate downside pressures.
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