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GBP/USD hits a fresh 2-week high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD pulled back to 1.5282 and rebounded, hitting a new 2-week high at 1.5327. The pair failed to rise further and currently it stands at 1.5310/15, near the same levels it had been trading during the last six hours.

    The GDP estimate from the NIESR of the United Kingdom for September was at 0.5%, the same level of the previous months. The data had no impact on the pound that continues to be the best performer among the most traded European currencies. While EUR/USD is falling and USD/CHF rising 0.48%, GBP/USD is having the best daily performance in three weeks ahead of the Bank of England decision and minutes.

    GBP/USD at the daily 20-SMA

    Today GBP/USD broke an important resistance area located around 1.5250 that capped the upside during the previous three trading days. Momentum still favors the pound that is holding around 1.5300, the area where the daily 20-SMA stands.

    A daily close at current levels would confirm the break of 1.5250 while if it ends significantly above the 20-SMA it could gain support for a continuation of the recovery.
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