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GBP/USD nears 1.55, takes out 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair jumped to 1.5497 levels after the data in the UK showed the manufacturing activity regained pace in October.

    Trades above 100-DMA

    At the moment, the spot is trading above its 100-DMA at 1.5482. The UK manufacturing PMI for October rose to a 16-month high of 55.5, a noticeable improvement on the upwardly revised figure of 51.8 posted in September.

    The export orders registered increase for the first time since the third quarter of 2014. The focus now shifts to the US ISM manufacturing figure due later today.

    GBP/USD Technical Levels

    The immediate support is seen at 1.5482 (100-DMA), under which the losses could be extended to 1.5409 (38.2% of Apr-Jun rally) and 1.5338 (200-DMA). On the higher side, resistance is seen at 1.55 above which the pair could extend gains to 1.5547 (61.8% of 1.5819-1.5107).
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