GBP/USD in flat-lining below 5-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD recovery from near two-week lows faltered near hourly 100-DMA (1.5145) pre-NY close, and the price drifted slightly lower, now consolidating below 5-DMA placed at 1.5131.

    GBP/USD supported at daily pivot

    The GBP/USD pair trades modestly flat at 1.5122, locked-in a 15-pips slim range. The bulls appear to take breather after the solid 80-pips recovery seen during the US last session and remain flat-lined heading into an absolutely data-empty UK docket.

    The US dollar reversed a part of previous rally and trades muted against its major competitors as we progress towards early Europe, which keeps further upside in the GBP/USD pair capped.

    Meanwhile, markets continue to digest the latest economic data from the US and now await the European open further cues on the major. While the US markets remain closed on Thanksgiving holidays.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5145 (1h 100-SMA), above which 1.5186 (1h 200-SMA) would be tested. On the flip side, support is seen at 1.5112 (daily pivot) below which it could extend losses to 1.5051 (Nov 24 Low).
    For more information, read our latest forex news.

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