GBP/USD rejected at key Fibo level in Asia

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The upside in the GBP/USD pair stalled near 1.5185 (23.6% of July 2014-April 2015) in Asia as investors await the UK monthly CPI figure.

    Stuck between key MAs

    At 1.5164, the pair is stuck between the hourly 50-MA and hourly 100-MA located at 1.5174 and 1.5163 levels respectively. The currency pair recovered from the low of 1.5113 (23.6% of 1.5819-1.4895) seen yesterday, but failed to take out the key Fib mentioned above.

    The immediate focus is on the UK CPI. Traders are interested to see if the core inflation is holding up well amid energy-driven fall in the headline CPI figure.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5185 (23.6% of July 2014-April 2015), followed by a hurdle at 1.5235 (50-DMA), above which the pair could test supply at 1.5319 (200-DMA). On the other hand, a break below 1.5143 (5-DMA) would expose 1.5111 (10-DMA) and 1.5087 (61.8% of Apr-Jun rally).
    For more information, read our latest forex news.

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