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GBP/USD: minor spike fades around key fib level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The GBP/USD witnessed a minor spike to 1.5355 (38.2% of 1.5107-1.5509) on the dismal US GDP report, before falling back to 1.5330 levels in early Europe.

    Back below hourly 50-MA

    The spot is back below its hourly 50-MA located at 1.5337 levels. The US dollar was offered immediately after the release of the weak September US durable goods orders report, which also carried major downward revisions to the previous month’s figure.

    The pair spiked to a high of 1.5356, before falling back to square one. Next on the cards is the Markit US PMI and consumer confidence figure.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5337 (hourly 50-MA), followed by a major hurdle at 1.5355 (38.2% of 1.5107-1.5509). A break above the same would expose 1.5373 (50-DMA). On the other side, a failure to sustain above 1.5332 (200-DMA) could push the pair down to 1.53 levels.
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