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GBP/USD sees minor recovery after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The slide in the GBP/USD stalled, making way for a minor correction after the US reported a drop in its factory orders in October, along with a fall in IBD/TIPP economic optimism index.

    Back above hourly 100-MA

    The spot is now back above its hourly 100-MA at 1.5366 after having dipped for a brief moment to a low of 1.5359. The US factory orders contracted 1% as expected, thereby offering no surprise to the markets. However, the cable has responded by ticking slightly higher to 1.5380.

    Next on tap is ECB Draghi’s speech due later today, which may trigger volatility in the EUR/GBP cross and thus influence the GBP/USD pair.

    GBP/USD Technical Levels

    At 1.5380, the immediate resistance is seen at 1.54, followed by a major hurdle at 1.5408 (38.2% of Apr-Jun rally). On the other side, hourly 200-MA and 38.2% of Oct low-high at 1.5355 could offer strong support, under which the pair could test 1.53 handle.
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