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GBP/USD: Offered below 200-DMA, drops below 1.52

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair ran into offers below 200-DMA at 1.5318 and dropped to a session low of 1.5288 levels after the BOE minutes called for a more gradual hike in rates.

    Back below key level

    The spot failed to sustain above 1.5330 (July 8 low) despite extending gains to 1.5372 levels earlier today. The BOE minutes said carried a slightly dovish tone as expected, however, the markets had pushed the Pound higher ahead of the BOE event on hopes that the bank may focus on tightening labor markets and house price inflation.

    The focus now shifts to the Us weekly jobless claims and the Fed minutes scheduled for release later today. Meanwhile, the sentiment on the Wall Street could also affect the pair.

    GBP/USD Technical Levels

    At 1.5288, the immediate support is seen at 1.5248 (50% of Apr-Jun rally), under which the spot could target the psychological level of 1.52; under which the pair could test critical support on the daily chart a t1.5163 (Sep 4 low). On the higher side, a re-test of the daily high at 1.5372 seems possible if the pair take out the 200-DMA resistance at 1.5318 in one attempt.
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