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GBP/USD revisits session high, USD weakens

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair found renewed bids just below 1.53 handle and attempts another run towards daily highs near 5-DMA.

    GBP/USD clings to 1.53 handle

    The GBP/USD pair trades 0.05% at 1.5310, testing daily highs reached at 1.5315 levels. A fresh sell-off in the US dollar across the board brought the GBP back on the bids and now looks to surpass the key 5-DMA upside barrier. The USD index drops -0.14% to 96.89.

    Moreover, rebounding oil prices and solid gains on the UK’s FTSE index also boosts the sentiment around the British pound, keeping GBP/USD supported.

    Meanwhile, the major continues to track the broader sentiment with the focus now shifting to the much awaited FOMC decision.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5350 (200-DMA) above which gains could be extended to 1.5400/04 (round number + 1h 200-SMA). On the flip side, support is seen at 1.5250/32 (psychological levels+ daily S2) below which it could extend losses to 1.5200 (round number).
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