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GBP/USD supported by hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair was rejected at the hourly 200-MA at 1.5234 in Asia, following which it dropped to trade around its hourly 50-MA at 1.5203 levels.

    Rejected at 10-DMA

    The pair was offered at the confluence of the hourly 200-MA and 10-DMA at 1.5234. Sterling advanced in the NY session after Fed’s Yellen and other policymakers disappointed traders, who were looking for the policymakers to come out hawkish.

    Later today, the pair could see major moves depending on the quality of the US advance retail sales report. At the moment, the pair is trading around 1.5208.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5234 (10-DMA) and 1.5248 (50% of Apr-Jun rally), above which the pair could rise to 1.5316 (50-DMA). On the other side, support is seen at 1.52, followed by a support at 1.5174 (previous day’s low). A break below the same would expose 1.5138 (23.6% of last week’s drop).
    For more information, read our latest forex news.
     

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