GBP/USD finds good support near 1.5440

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The recent selling pressure seen in the GBP/USD pair seems to ease, with the pair jumping back on the bids and hovers around hourly 50-SMA.

    GBP/USD pressured on the USD strength

    The GBP/USD pair trades modestly flat at 1.5457, bouncing-off a strong support of hourly S1 located at 1.5443. The major erased losses and now attempts a tepid-recovery ahead of the speech to be delivered by BOE MPC member Kristin Forbes later this session.

    Moreover, the broad based US dollar strength on the back of the renewed optimism over the US economic outlook continues to overshadow any gains backed by the risk-on rally in the European stocks.

    Later in the US session, the main focus will remain the consumer sentiment and industrial figures which are likely to provide further momentum on the cable.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5487/1.5500 (Todays High & round number) above which gains could be extended to 1.5531 (Sept 21 High & H1 R3). On the flip side, support is seen at 1.5413 (Oct 15 Low) below which it could extend losses to 1.5350/45 (10DMA & 200-DMA).
    For more information, read our latest forex news.

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