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GBP/USD: Minor rally in Asia, back above key Fib level

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The GBP/USD pair witnessed a minor rally in Asia today, ensuring the spot is back above 1.5414 (23.6% of 1.5107-1.5509).

    Eyes UK data and ECB meet

    The UK retail sales figure is expected to show the household spending ticked higher in September. The report will be followed by the ECB rate decision. The resulting action in the EUR/GBP pair could influence the cable.

    At the moment, the pair is trading around 1.5423. Sterling rose to a high of 1.5477 on Wednesday before falling back to 1.5410 levels at NY closing.

    GBP/USD Technical Levels

    At 1.5423, the immediate resistance is seen at 1.5446 (falling trend line resistance), followed by multiple hurdles around 1.5490-1.5510. A break above the same would open doors for a rally to 1.5568 (38.2% of Jul14-Apr15 rally). On the other side, a break below 1.5414 could trigger sell-off to 1.5391 (50-DMA) and 1.5355 (38.2% of 1.5107-1.5509).
    For more information, read our latest forex news.

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