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GBP/USD offered at confluence of hourly 100-MA and hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The recovery in the GBP/USD from the post-UK data low ran into offers at 1.4298, which is the confluence of the hourly 100-MA and hourly 50-MA.

    Eyes US data

    Traders await the data in the US, which could show the personal spending growth slowed down in the festive month of December. Meanwhile, the ISM manufacturing index will throw a light on the employment situation in the manufacturing sector and thus influence the expectations surrounding Friday’s payrolls.

    The spot currently trades around 1.4270 levels. Earlier today, the British Pound clocked a low of 1.43168 before turning lower to 1.4244.

    GBP/USD Technical Levels

    The immediate support is seen at 1.4261 (hourly 200-MA), under which the pair could drop to 1.4200. On the other hand, a break above 1.4316 could see the pair re-test 1.4351 (23.6% of 1.5230-1.4074).
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