GBP/USD falls to test support at 100-hour SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - GBP/USD extended losses and dropped to test fresh daily lows as the pound underperforms versus major competitors.

    GBP/USD was rejected from the 1.5300 area and came under pressure, reversing early gains and posting a fresh low of 1.5233 before finding support at the 100-day SMA. At time of writing, the pair is trading at 1.5240, posting a 0.33% decline on the day.

    GBP/USD levels to watch

    In terms of technical levels, next supports could be found at 1.5227/33 (Nov 19 & 20 lows), 1.5208 (10-day SMA), and then 1.5187 (Nov 18 low). On the other hand, resistances are seen at 1.5304 (50-day SMA), 1.5340 (200-day SMA) and 1.5400 (psychological level).
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