GBP/USD: Stuck between hourly 50-MA & hourly 200-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 bid tone on sterling remains intact, still, the GBP/USD pair is having a tough time rising above the hourly 200-MA seen at 1.5048.

    Sterling resilient to drop in European stocks

    The currency pair has been able to hold on to its gains even though the European stock markets erased early gains to trade with losses. The risk-off in the previous session weighed heavily on Sterling. Moreover, the uptick in the EUR/GBP cross amid risk-off added to the bearish pressure on the cable.

    However, the picture is different today, as the cable remains above its hourly 50-MA at 1.5032 despite the risk-off in the equities.

    GBP/USD Technical Levels

    At 1.5040, the immediate resistance is seen at 1.5048 (hourly 200-MA), above which the pair could target 1.5063 (hourly 100-MA+38.2% of 1.5336-1.4895). On the other hand, a break below 1.5032 (hourly 50-MA) would expose 1.4996 (61.8% of 1.4895-1.5159).
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