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GBP/USD takes out offers around hourly 200-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD is being offered across the board, courtesy of which the GBP/USD pair has cut through resistance at hourly 200-MA seen at 1.4261 levels.

    50-DMA is a support now

    The pair rose to a high of 1.4280 and now trades around 1.4275 levels, which means the 50-DMA level of 1.4268 levels is now a support. Dollar selling gathered pace after the US data release, which showed slowdown in spending and rise in the savings rate to one-year high.

    It remains to be seen if the gains could be maintained since the volumes are low on account of Easter Monday holiday in Europe.

    GBP/USD Technical Levels

    The immediate hurdle is noted at 1.4286 (50% of 1.4515-1.4057), above which the spot may take out 1.43 and test 1.4330 (23.6% of 1.5930-1.3835). On the other hand, a break below 1.4268 (50-DMA) would expose hourly 200-MA at 1.4261 under which the spot may drop to 1.42 handle.
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