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GBP/USD hovers below 200-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The GBP/USD pair weakened from the NY session high of 1.5339 to trade below its 200-MA in Asia as the sterling bulls await the Bank of England (BOE) rate decision.

    Third consecutive day of gains?

    Whether the pair strengthens for the third consecutive session largely depends on the tone of the Bank of England minutes and partly on the Fed minutes due today. Neither BOE not the Fed minutes is expected to provide a clear hint at a timing of the liftoff.

    Meanwhile, the action in the EUR/GBP after the release of the ECB accounts/minutes could affect the cable.

    GBP/USD Technical Levels

    At 1.5312, the immediate resistance is located at 1.5318 (200-DMA), followed by a resistance at 1.5339 (previous day’s high), above which the pair could target 1.5408 (38.2% of Apr-Jun rally). On the other side, support is seen at 1.53 and 1.5248 (50% of Apr-June rally).
    For more information, read our latest forex news.

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