GBP/USD hovers above 200-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair found fresh bids near the 200-DMA support and rebounded higher for a retest of daily highs, as the sentiment towards riskier currencies seems to be improving in the mid-European trades.

    GBP/USD heading towards 1.5367

    The GBP/USD pair trades 0.16% higher at 1.5353, with eyes set on the session highs posted 1.5367 levels earlier on the day. The major continues to trade above the key 200-DMA support located at 1.5346 and awaits fresh incentives from Tuesday’s UK CPI print to storm its way through the 1.54 barrier.

    Losses on the UK’s bourse appear to act as a major hindrance in the GBP/USD upmoves, while every dip in the major is considered as a good buying opportunity.

    Calendar-wise, there is nothing relevant due to be reported today as the session ahead will be quiet as the US markets are closed on a public holiday.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5370 (H1 R2) above which gains could be extended to 1.5400 (round number) levels. On the flip side, support is seen at 1.5314 (Today’s Low) below which it could extend losses to 1.52301 (hourly 100-SMA) levels.
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