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GBP/USD rebound from hourly 200-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Cable is looming to extend gains above 1.42 levels after having rebounded from the hourly 200-MA level located at 1.4166 levels.

    Trades above hourly 100-MA

    The recovery from hourly 200-MA level also saw the pair move above hourly 100-MA level of 1.4191 levels, although extending gains above 1.42 appears easier said than done, given the multiple hourly candles failing to rise over and above 1.42.

    Ahead in the day, the focus would be on broader market sentiment and Fed’s Rosengren’s comments. Brexit fears appear to have taken a backseat, although fresh sell-off in oil and risk aversion in the US equities could play a spoil sport.

    GBP/USD Technical Levels

    Acceptance above 1.42 on hourly charts would open doors for a rise to 1.4252 (50% of 1.4669-1.3835). On the other hand, a break below 1.4191 (hourly 100-MA) would expose 1.4166 (hourly 200-MA).
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