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GBP/USD finds support at hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair found support at the hourly 50-MA at 1.5063 for the second time in last 24-hours.

    Eyes UK data and Yellen speech

    The pair bounced off from the hourly 50-MA in the NY session following a weak US ISM data, but the momentum stalled in Asia and the pair fell back to the hourly 50-MA again. The focus now is on the UK construction PMI in November, which will be followed by the US ADP report, which is expected to show labour market strength.

    Later in the day, the Fed’s Yellen and Co. are expected to maintain the December Fed meeting is a ‘live event’.

    GBP/USD Technical Levels

    At 1.5065, the immediate resistance is seen at 1.51 and 1.5124 (previous day’s high), above which the pair could test 1.5164 (Sep 4 low). On other hand, a break below 1.5063 (hourly 50-MA) would expose 1.5028 (Nov 27 low).
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