GBP/USD offered near 23.6% fibo level, trims gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (mumbai) - The GBP/USD pair ran into offers as it neared 1.4351 (23.6% of 1.5230-1.4079) and now trades around 1.4290 levels.

    Eyes hourly 100-MA

    The spot is now eyeing the hourly 100-MA at 1.4280. The data released in the UK earlier today brought goods news in the form of an uptick in the services activity index, however, the bulls failed to chew through offers around the 23.65% fib level.

    Moreover, the area around 1.4350 has acted as a strong resistance on multiple occasions since Jan 19. The focus now is on the US data – durable goods orders, weekly jobless claims and housing figures.

    GBP/USD Technical Levels

    The immediate support is seen at 1.4280 (hourly 100-MA), which it taken out shall open doors for a slide to 1.4244 (hourly 200-MA). A break lower would expose 1.42 levels. On the higher side, a major hurdle at 1.4519 (38.2% of 1.5230-1.4079) could be put to test if the spot manages to chew through offers around 1.4351 (23.6% of 1.5230-1.4079).
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