GBP/USD offered at 1.5370, recedes to 200-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP bulls halted its non-stop upward march spurred by the UK labour markets report, sending GBP/USD lower near the mid-point of the 1.53 handle.

    GBP/USD drops to hourly 200-SMA

    The GBP/USD pair drops 0.62% to 1.5345, retracing from fresh session highs struck at 1.5372 some minutes ago. The major failed once again near the 1.5370-1.5390 resistance zone and met through supply, with the cable finding god support at the key 200-DMA located near 1.5340 levels.

    The pair shot higher after the UK jobs report reflected mixed results with the monthly wages coming in below estimates. However, the data was read as net-GBP positive and hence pushed GBP/USD towards 1.54 barrier.

    Looking ahead, the major will be influenced by the sentiment on the US stocks while the US advance retail sales and PPI data are expected to remain the main drivers in markets.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5372/78 (Todays High & H1 R2) above which gains could be extended to 1.5400 (round number). On the flip side, support is seen at 1.5316 (5-DMA) below which it could extend losses to 1.5258/54 (Oct 8 & Today’s Low) levels.
    For more information, read our latest forex news.

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