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GBP/USD remains capped by 1.5500

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - GBP/USD was rejected from daily highs above the 100-day SMA and pulled back to trade around opening levels as the dollar managed to trim some of its last sessions’ losses.

    GBP/USD climbed above the 100-day SMA and reached its highest level in 10 days, but faltered a few pips ahead of the 1.55 mark. Having peaked at 1.5496, the pair is currently trading at the 1.5450 zone, virtually unchanged since opening.

    On the data front, The Institute for Supply Management (ISM) manufacturing index for US dipped to 50.1 in October from 50.2 the previous month, but came in above the 50.0 expected. Still the reading was the lowest since May 2013. Meanwhile, US construction spending rose by 0.6% in September versus a 0.5% increase expected.

    GBP/USD technical levels

    On the downside, next supports are seen at 1.5422 (Nov 2 low), 1.5345 (200-day SMA) and 1.5305/00 (Oct 30 low/psychological level).On the upside, next resistances line up at 1.5483/96 (100-day SMA/Nov 2 high), 1.5507 (Oct 15 high) and 1.5567 (Sep 21 high).
    For more information, read our latest forex news.

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