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GBP/USD sell-off stalled at hourly 100-MA

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The drop in the GBP/USD pair stalled at the hourly 100-MA located at 1.5055 levels and now trades above its hourly 200-MA located at 1.5065 levels.

    Back above key Fib

    The pair is back above the confluence of the hourly 200-MA and 38.2% of 1.5336-1.4895 located at 1.5065-1.5063. The broad based USD rally pushed the pair to 1.5055 levels, where it may have found support on account of the drop in the EUR/GBP cross.

    Sterling traders await BOE Carney’s speech for more clarity regarding the timing of the liftoff. The pair currently trades at 1.5075; above its 5-DMA and 10-DMA at 1.5065 and 1.5074.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5115 (50% of 1.5336-1.4895), above which the pair could target 1.5156 (Friday’s high). A break above could be met by offers at 1.5167 (61.8% of 1.5336-1.4895). On the lower side, a break below the hourly 100-MA at 1.5055 would expose 1.5028 (Nov 27 low), under which the spot could target 1.4950 (Dec 2 close).
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