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GBP/USD finds support at hourly 100-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bid tone on the GBP remains intact heading into the European opening bells, driving GBP/USD towards 200-DMA placed at 1.5353 levels.

    GBP/USD holds above 5-DMA

    The GBP/USD pair trades 0.07% higher at 1.5320, retreating gradually from daily highs reached at 1.5335 at Tokyo open. The GBP/USD pair stalls its recovery from 1.5240 levels and now consolidates on the 1.53 handle, clinging to the hourly 100-SMA support located near 1.5310 levels.

    The cable remains supported on the back of broad based US dollar weakness as markets continue to weigh the poor US GDP and pending home sales report. While upbeat mortgage and net lendings data from the UK released in the previous session keeps the GBP buoyed.

    Meanwhile, markets will continue to track the sentiment on the European stocks amid lack of economic news from the UK docket. While a series of key US macro data will be closely watched for fresh cues.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5353/63 (200/20-DMA) above which gains could be extended to 1.5400 (round number). On the flip side, the immediate support is seen at 1.5313/10 (1h 100-SMA/ Today’s Low) below which it could extend losses to 1.5245 (Oct 28 Low).
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