GBP/USD revisit’s Thursday’s high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair moved back to previous session’s high at 1.5372 in Asia after BOE’s Carney played down general consensus that the BOE will hike rates only after Fed does.

    Nears weekly 50-MA

    The pair is just few pips short of the weekly 50-MA located at 1.5380 levels. The demand for Sterling strengthened in Asia after carney said, “the exact timing of the Fed movie is not decisive for the timing of the move by the Bank of England”.

    Next on the cards is the UK Trade deficit for August, which is expected to have dropped slightly following a sharp rise seen in July.

    GBP/USD Technicals Levels

    At 1.5367, the pair faces immediate resistance at 1.5372 (Thursday’s high), followed by 1.5380 (weekly 50-MA) hurdle. A break above the same would expose the 50-DMA stationed at 1.5421. On the lower side, a break below 200-DMA at 1.5318 could push the pair below 1.53 and towards 1.5248 (50% of Apr-July rally).
    For more information, read our latest forex news.

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