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GBP/USD: offered again at 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Another attempt to take out 100-DMA in early Europe ran into offers again, pushing the GBP/USD pair back to 1.5470 levels.

    Weekly gain on cards

    Sterling is on track to score its second weekly gain on the back of an upbeat UK wage data and dismal US data. The spot had hit a low of 1.52 earlier this week, following which a spike in the buying interest pushed the pair to a weekly high of 1.5509 levels.

    Moreover, the USD was smoked right from the start of the week. Consequently, profit taking ahead of the weekend may keep the cable under pressure today. The US industrial production and consumer confidence figure may do little to change the direction in the pair.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5486 (100-DMA), above which the pair could target 1.5509 (previous day’s high). A break above the same would expose 1.5568 (38.2% of Jul 14-Apr 15 plunge). On the lower side, a failure to take out 100-DMA could push the spot back to 1.5404 (50-DMA).
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