GBP/USD re-approaches two week highs, above 1.5250

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair remains bid and attempts another run towards fresh two-week highs reached in the Asian session, on expectations of a rebound in the UK industrial production numbers.

    GBP/USD supported at hourly 20-SMA

    The GBP/USD pair 0.17% higher at 1.5255, heading for a test of 20-DMA located at 1.5290 levels. The major keeps pushing higher, as the European traders hit their desks and prefer to hold the UK currency in anticipation of a stronger than previous industrial figures from Britain.

    The UK industrial production results in August are seen advancing 0.3% on a monthly basis after the 0.4% drop reported in July, and adding 1.2% on an annual basis compared to the 0.8% growth reported a month ago.

    On the USD-side, the renewed strength in the greenback against its major peers appears to have negligible impact on the cable. The USD index rises to 95.60, up 0.06% on the day.

    Focus now remains on the UK industrial production data and the NIESR GDP estimate due later today for fresh incentives.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5290 (20-DMA and Sept 24 High) above which gains could be extended to 1.5347 (200-DMA) levels. On the flip side, support is seen at 1.5226 (Hourly 20-SMA & Today’s Low) below which it could extend losses to 1.5192 (Hourly 50-SMA) levels.
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