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GBP/USD nears 100-DMA in Asia

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair closed-in on its 100-DMA at 1.5486 levels in the Asian session after falling the NY session on the back of upbeat US data.

    Falling trend intact

    The gains were capped today in Asia at the falling trendline resistance seen at 1.5480. However, Sterling remains on a strong footing as the upbeat US monthly CPI and weekly jobless claims failed to have a major impact on the Fed rate hike bets.

    The March 2016 Fed rate hike bets currently stand around 52%, which is only slightly higher than 49% seen before the data. The UK calendar is empty today, while the US calendar offers industrial confidence and consumer confidence release.

    GBP/USD Technical Levels

    The pair currently trades around 1.5465. The immediate resistance is seen at 1.5486 (100-DMA), above which the pair could target 1.5509 (previous day’s high). A break above the same would expose 1.5568 (38.2% of Jul 14-Apr 15 plunge). On the lower side, a failure to take out 100-DMA could push the spot back to 1.5404 (50-DMA).
    For more information, read our latest forex news.
     

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