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GBP/USD making another attempt at 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD turned higher from the low of 1.5455 and is eyeing its 100-DMA at 1.5490 ahead of the ECB rate decision.

    Second wave of buying not seen today

    Sterling usually enjoys a second wave of buying immediately after the first knee jerk reaction following upbeat domestic data. The spot did spike to a high of 1.5506, but failed to see a second wave of buying. In fact the pair fell back to 1.5455, before rushing back to trade around 1.5470-1.5480.

    The focus now would be on the ECB rate decision and Draghi’s press conference, which could trigger action in the EUR/GBP cross and indirectly influence the GBP/USD pair.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5490 (100-DMA), above which the pair could rise to 1.5568 (38.2% of Jul 14-Apr 15 low). On the lower side, support is seen at 1.5409 (38.2% of Apr-Jun rally) and 1.5329 (200-DMA).
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