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GBP/USD finds bid at 50% fib, rises to 1.5280

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The GBP/USD pair ran into fresh bids at 1.5248 (50% of Apr-June rally) following which the pair rose to a fresh session high of 1.5287 levels.

    Strong support at 1.5248

    The pair flirted with the key fib level throughout the European session, after having found support at the same post-Fed statement in the NY session yesterday. A minor dip to 1.5242, following an upbeat US GDP figure failed to last long as the pair made its way back above 1.5248 levels.

    At the moment, the pair is trading around 1.5280, with eyes set on the hourly 50-MA located at 1.5289 levels. The rise in the long duration and short duration treasury yields failed to keep the USD strong.

    GBP/USD Technical Levels

    The immediate resistance is located at 1.5289 (hourly 50-MA), above which the pair could target 1.5314 (hourly 100-MA). A break above the same would open doors for 1.5333 (200-DMA). On the other side, support is seen at 1.5248 (50% of Apr-Jun rally), under which the pair could drop to 1.52 (Oct 13 low).
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