GBP/USD offered around hourly 200-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair ran into offers around the hourly 200-MA at 1.4301 and is back to trade around 1.4260 levels.

    Focus on weak UK retail sales

    The short unwind gathered pace few minutes back after the UK public sector net borrowing figure dropped more than expected. However, the focus is back on the weak UK retail sales. Moreover, weaker UK retail sales number gives the BOE another reason to stay dovish.

    Hence, the pair trimmed gains to trade around 1.4260. Later in the day, the US existing home sales and Markit manufacturing PMI could influence the pair.

    strong>GBP/USD Technical Levels

    The immediate resistance is seen at 1.4301 (hourly 200-MA), above which the pair could rise to 1.4351 (23.6% of 1.5230-1.4079). On the other hand, a break below 1.4209 (hourly 100-MA) could see the pair fall back to 1.4129 (Jan 19 low).
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