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GBP/USD hovers around 200-DMA, back below 50-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD trimmed gains to trade around its 200-DMA located at 1.5335. The spot tested 50-DMA and 10-DMA before trimming gains.

    USD regains poise

    The US dollar is taking back the losses suffered in early Europe. The cable rose to a high of 1.5359 and took out 50-DMA at 1.5349 and 10-DMA at 1.5359 for a brief moment, before the USD regained composure.

    The UK data docket is empty, which leaves the pair at the mercy of the movement in the EUR/GBP cross (post EZ CPI inflation). Later in the day, the US personal spending and income report could affect overall demand for the US dollars.

    GBP/USD Technical Levels

    The immediate resistance is located at 10-DMA at 1.5356, above which the gains could be extended to 1.5387 (Oct 13 high) and 1.54 levels. On the other side, 5-DMA at 1.5306 could offer support followed by a major support at 1.5248 (50% of Apr-Jun rally).
    For more information, read our latest forex news.

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