GBP/USD offered above 5-DMA, trims gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD was offered above its 5-DMA at 1.5174 in Asia, following which the pair fell back to trade around 1.5155 ahead of the UK wage growth data.

    Trades above hourly 100-MA

    The pair currently sits well above its hourly 100-MA located at 1.5142 levels. The immediate focus is on the UK data, which could show the wage growth inclusive of bonus ticked higher in three months to September.

    The cable battled USD bulls through the European and NY session on Tuesday to extend its technical recovery to 1.5186 in Asia today.

    GBP/USD Technical Levels

    At 1.5157, the immediate support is seen at 1.5138 (23.6% of last week’s drop), under which the pair could extend the drop to 1.5087 (61.8% of Apr-Jun rally). On the other hand, resistance is seen at 1.5174 (5-DMA) and 1.5206 (38.2% of last week’s drop), above which the pair could test 1.5248 (50% of Apr-Jun rally).
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