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GBP/USD offered above hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair ran into offers above the hourly 50-MA located at 1.4279 and fell back below the same ahead of BOE Carney’s speech and UK CPI data.

    Focus on Carney speech

    BOE Carney’s first speech on the UK economy this year is scheduled today. Traders expect Carney to pin point at the slowdown in the service and manufacturing sector and also comment on the disinflationary effect of the lower oil prices.

    The pair could also be influenced by the UK monthly CPI figures. Across pond, the data docket is empty. Hence, apart from UK events the pair is at the mercy of the overall market sentiment.

    GBP/USD Technical Levels

    The pair currently trades at 1.4270. The immediate resistance is seen at 1.4279 (hourly 50-MA), above which the pair could test 5-DMA at 1.4351. The 5-DMA is a strong resistance since the pair has repeatedly met with offers around the same in last one month or so. On the other hand, a break below 1.4237 (previous day’s low) would open doors for a drop to 1.4160 (falling channel support on 4-hr chart).
    For more information, read our latest forex news.
     

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