GBP/USD struggles to extend beyond 1.5500

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair failed another attempt to extend beyond 1.55 handle in last hours and reverted to the 100-DMA resistance-turned support.

    GBP/USD hovers above 100-DMA

    The GBP/USD pair trades flat at 1.5490, oscillating in a narrow range in recent dealing. The major is currently gathering pace to storm through the 1.55 handle and beyond, as the upbeat sentiment in response to the solid rebound in the European stocks, continues to favour the riskier currencies.

    The pair failed for the fourth time since pre-European open to extend gains beyond the solid barrier placed at 1.55 handle. This may be due to minor-recovery in the greenback, which caps the upside in the cable.

    Looking ahead, the major will be influenced the US CPI and Philly Fed manufacturing data due later today. While sentiment on the European and US markets will also play a crucial role.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5500/02 (round number & Todays High) above which gains could be extended to 1.5531 (Sept 21 High & H1 R3). On the flip side, support is seen at 1.5354 (hourly 50-SMA) below which it could extend losses to 1.5300 (hourly 200-SMA).
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