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GBP/USD offered above 10-DMA, now in the red

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD ran into offers ran into offers above the 10-DMA and now trades with losses around 1.4250 levels.

    Eyes hourly 50-MA

    The spot is eyeing the hourly 50-MA at 1.4242 levels. The three-day corrective rally in the British Pound stalled as the oil prices dropped in Europe, pushing the European stock markets lower. Consequently, Sterling and other risk currencies turned negative.

    The pair remains at the mercy of the overall market sentiment. The UK CBI total trends survey figure may receive little attention from the markets if the moderate risk aversion seen now worsens ahead in the day.

    GBP/USD Technical Levels

    The immediate support is seen at 1.4242 (hourly 50-MA), under which the losses could be extended to 5-DMA at 1.4213. A break lower could see the pair dip below 1.42 and test support at 1.4129 (Jan 19 low). On the other hand, resistance is seen at 1.4284 (10-DMA), which if taken out shall open doors for a re-test of the daily high of 1.4309. A break higher could see the pair test supply at 1.4351 (23.6% of 1.5230-1.4079).
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