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GBP/USD off-highs, now testing 200-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bid tone on the GBP/USD eased a bit in the European morning, and the major retreated from session highs as the falling UK’s stocks dent the sentiment around the pound.

    GBP/USD retraces from 1.5367

    The GBP/USD pair trimmed gains to 1.5354, having recorded session highs at 1.5367 levels, up 0.17% on the day. The major faded a spike to highs and edged slightly lower, only to find good support at the 200-DMA located near 1.5350 region.

    The cable trimmed gains after the UK stocks slid on Monday, dragged down by mining stocks, thereby triggering risk-off trades. The UK’s FTSE now loses -0.52% to 6,382 points.

    While, the downside remains cushioned on the back of a broadly weaker US dollar on increased Fed rate hike delay speculations.

    Calendar-wise, there is nothing relevant due to be reported today as the session remains absolutely data-empty. While the US markets are closed on a public holiday.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5372 (H1 R1) above which gains could be extended to 1.5400 (round number) levels. On the flip side, support is seen at 1.5314 (Today’s Low & H1 S3) below which it could extend losses to 1.5297 (hourly 100-SMA) levels.
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