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GBP/USD off lows, around hourly 50-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Having tested 1.54 handle post-UK construction PMI report, the GBP/USD pair attempts a tepid bounce over the past few hours, only to face stiff hurdle at hourly 50-SMA located at 1.5424.

    GBP/USD supported at 5-DMA

    The GBP/USD pair trades flat at 1.5419, struggling hard to extend beyond 1.5424 area. The major is seen consolidating to the downside in last hours, as the greenback continues to regain ground across the board, while focus now shifts towards the US factory data due later in the New York session.

    Meanwhile, markets continue to digest the latest mixed UK construction PMI report, with the headline numbers falling to 58.8 in Oct versus 59.9 previous while new orders rose fastest in almost a year.

    Later in the day, the sentiment on the European stocks and the US factory orders data will influence further moves in the major.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5444/50 (100-DMA/ psychological levels) above which gains could be extended to 1.5500 (round number). On the flip side, support is seen at 1.5402/00 (5-DMA/ round number) below which it could extend losses to 1.5363/59 (200-DMA/1h 200-SMA).
    For more information, read our latest forex news.
     

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