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GBP/USD revisits daily highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair is back near 1.5311 (daily high), after having a breather around 1.53 levels as investors remain cautious in the ranging markets.

    Supported by 100-MA on 4-hr chart

    The pair found support at its 100-MA on 4-hr chart located at 1.5297. A minor dip below the same to 1.5284 quickly ran into bids. Usually an upbeat UK data results in a sudden spike, followed by a second wave of buying.

    However, we did not see a second wave of buying after the initial spike faded at a high of 1.5311. As said earlier, this may be due to ranging nature of the markets. Ahead in the day, the focus would be on whether Wall Street sustains the risk-on rally or turns risk averse.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5319 (200-DMA), followed by a major hurdle at 1.5353 (200-MA on 4-hr chart). A break above the same would expose 1.5431 (50-DMA). On the downside, a break below 1.5297 (100-MA on 4-hr) could open doors for a technical correction to 1.5250 (support on hourly chart) and 1.52 levels.
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