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GBP/USD hits fresh highs above 1.5300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/USD extended gains during the American session and reached at 1.5312 a fresh daily high. The hourly 100-MA capped the upside and from there cable pulled back. It was trading at 1.5295/99, up 35 pips for the day.

    Greenback is falling in the market on Thursday except versus the yen, that is the worst performer. The euro and the pound area leading the rally against the USD but so far gains have been modest; EUR/USD and GBP/USD remain below the level they had before the release of the FOMC statement.

    GBP/USD levels to watch

    So far the pair has been unable to consolidate above 1.5300 (23.6 Fibonacci retracement – 1.5505 – 1.5240), above resistance level might lie at 1.5345/50 (38.2% Fibo) and 1.5375 (50% Fibo, Oct 23 low). On a wider perspective the key resistance continues to be the 1.5500 handle that capped the upside several times during the previous two weeks.

    On the opposite direction, support levels could be located at 1.5275 (Asian session high), 1.5240 (daily low) and 1.5220 (base of bearish short term channel).

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