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GBP/USD retakes 1.44 handle after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The uptick in the US initial jobless claims helped the GBP/USD move back above 1.44 handle, but is struggling to rise further.

    Rejected at hourly 50-MA

    The pair rose to a high of 1.4437 about an hour back after the BOE minutes release but failed to sustain above the hourly 50-MA at 1.4424 and fell to 1.4395 levels. However, a rise in the US initial jobless claims to 284K pushed the pair back above 1.44 handle.

    However, the struggle is on to re-test the hourly 50-MA again. Moving towards the NY closing, the pair is likely to be influenced by the overall market sentiment and Fed’s Bullard’s comments.

    GBP/USD Technical Levels

    The pair now trades around 1.4410. The immediate resistance is seen at 1.4424 (hourly 50-MA), above which the pair could target 1.4480 (hourly 100-MA). On the other hand, a failure to sustain above 1.44 would expose the daily low of 1.4360.
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