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GBP/USD testing Thursday’s high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair is testing Thursday’s high of 1.5372 levels amid low trading volumes on account of a holiday in the US.

    Eyes Friday’s high

    The spot bounced off 1.53 levels in Asia today to trade above its 200-DMA and extend gains to trade at the session high of 1.5370. The US economic calendar is empty, while the Wall Street is on a extended weaken. Consequently, the focus is on the speeches of the Fed policymakers due later today.

    Apart from the Fed speak, there is no fundamental catalyst for the pair to turn lower. Consequently, the pair appears poised to test the offers at Friday’s high of 1.5383 levels.

    GBP/USD Technical Levels

    At 1.5370, the immediate resistance is seen at 1.5383 (Friday’s high), above which gains could be extended to 1.5415 (50-DMA). Meanwhile, failure to rise through offers at 1.5383 could push the spot back to 1.5337 (hourly 50-MA) and 1.53 levels.
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