GBP/USD regains 100-DMA, in another run towards 1.5500

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair faced rejection at 1.55 barrier and dropped sharply to fresh daily lows, only to regain lost ground and revert to 1.5480 region, where it now wavers.

    GBP/USD bounces-off hourly 50-SMA

    The GBP/USD pair trades flat at 1.5479, recovering from a sharp downward spike to 1.5458 session lows. The major found fresh bids near the hourly 50-SMA support and swung back higher in another effort to regain 1.55 handle.

    There is nothing much happening in terms of the economic news this session; however, the cable remains underpinned following the dismal US macro releases on Wednesday. While ripening risk-sentiment backed by higher Asian and European stocks also keeps the risk currency – the GBP buoyed.

    Looking ahead, the major will be influenced the US CPI and Philly Fed manufacturing data due later today. While sentiment on the European and US markets will also play a crucial role.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5500/01 (round number & Todays High) above which gains could be extended to 1.5531 (Sept 21 High & H1 R3). On the flip side, support is seen at 1.5354 (hourly 50-SMA) below which it could extend losses to 1.5300 (hourly 200-SMA).
    For more information, read our latest forex news.

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