GBP/USD falls back to 1.53, but points higher

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair ran into offers at 1.5316 and fell back to trade around 1.53 levels, but bulls remain in control heading into the US session.

    Focus on BOE

    With no major US data due today, the investors shall now look towards the Bank of England rate decision and minutes due tomorrow. The bank is widely expected to keep rates unchanged and thus, the main focus would be on the vote split.

    However, the sentiment on the Wall Street may affect cable today. Continuation of risk-on rally could see cable add a few more pips, while risk aversion could lead to a minor technical correction.

    GBP/USD Technical Levels

    At 1.5303, the immediate resistance is seen at 1.5319 (200-DMA), followed by a major hurdle at 1.5353 (200-MA on 4-hr chart). A break above the same would expose 1.5431 (50-DMA). On the downside, a break below 1.5297 (100-MA on 4-hr) could open doors for a technical correction to 1.5250 (support on hourly chart) and 1.52 levels.
    For more information, read our latest forex news.

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