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GBP/USD struggles to extend beyond hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair stages a solid comeback this session, bringing an end to three consecutive days of declines, mirroring the recovery in oil prices.

    GBP/USD finding support above daily pivot at 1.5008

    The GBP/USD pair trades 0.18% higher at 1.5037, having posted fresh session highs at 1.5043. The cable managed to take out hourly 50-SMA at 1.5035 upside barrier, although ran through fresh offers just below hourly 200-SMA (1.5049) to now trade a few pips lower.

    The pound also remains underpinned on expectations of rebound in risk sentiment as European stocks may open on a positive note, as tipped off by higher European indices futures. Meanwhile, the ongoing weakness in the greenback across the board also provides support to GBP/USD.

    In absence of first tier economic updates from the UK docket, focus now remains on the BOE Financial Policy Committee (FPC) to be published later in the day. While BOE ‘Super Thursday’ will remain the main highlight for this week.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5049/56 (1h 200 & 100-SMA), above which 1.5110 (20-DMA) would be tested. On the flip side, support is seen at 1.5008 (daily pivot) below which it could extend losses to 1.4991 (Nov 30 low).
    For more information, read our latest forex news.

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