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GBP/USD flirts with 1.54 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD is trading around 1.54 handle, after having recovered from the low of 1.5375 in the Asian session.

    Gains capped at key Fib

    The uptick lacked strength to push through resistance at 1.5414 (23.6% of 1.5107-1.5509) levels. The spot had dropped to a low of 1.5369 in the NY session on Thursday amid a sharp sell-off in the EUR/USD and due to the upbeat weekly jobless claims in the US.

    Ahead in the day, the cable could be influenced by the activity in the EUR/GBP cross and the movement in the 2-yr UK gilt yield spread.

    GBP/USD Technical Levels

    The immediate resistance is located at 1.5414 (23.6% of 1.5107-1.5509), above which the pair could rise to 1.5440 (falling trend line resistance). A break above the same would expose 1.55 handle. On the lower side, 50-DMA at 1.5386 could offer support, followed by a strong support at 1.5330 (200-DMA).
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