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GBP/USD supported again by 200-DMA

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The GBP/USD once again found support at the 200-DMA located at 1.5318, but fails to see a recovery heading into the weekend.

    USD recovers on profit taking

    The US dollar is taking back losses across the board on account of profit taking on short positions ahead of the weekend. However, Sterling had already pared gains on a weak UK trade data, thereby opening doors for moderate weakness.

    The pair fell to a low of 1.5311 but recovery ran into offers around 1.5345 after hawkish comments from the Fed’s Lockhart hit wires, thereby pushing it back to its 200-DMA. Still, a weekly gain in almost a done deal now.

    GBP/USD Technical Levels

    The immediate resistance is located at 1.5345, followed by a hurdle at 1.5380 (weekly 50-MA), above which the spot could rise to 1.5421 (50-DMA). On the other side, support is seen at 1.5318 (200-DMA) and 1.53, under which the spot could fall back to 1.5248 (50% of Apr-June rally).
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