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GBP/USD tests Tuesday’s high and retreats

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - GBP/USD extends its recovery on the 1.53 handle and now remains strongly bid ahead of Europe open, having jumped to fresh session highs beyond 200-DMA in recent dealings.

    GBP/USD off-highs, below 1.5350

    The GBP/USD pair trades 0.20% higher at 1.5340, retreating from daily highs scored at 1.5359 in last hours. A renewed selling wave hit the US dollar against its major peers, which triggered a fresh bout of gains in GBP/USD. The major finally clinched highs beyond 200-DMA located at 1.5353 and immediately faded the spike to now trade at 10-DMA placed near 1.5340.

    Looking ahead, the economic calendar from the UK remains absolutely empty and hence, markets will take cues from the sentiment on the European markets. While a series of key US macro data due later in the US session will be eagerly awaited for fresh USD moves.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5360/64 (Oct 27 High/20-DMA) above which gains could be extended to 1.5400 (round number). On the flip side, support is seen at 1.5313/10 (1h 100-SMA/ Today’s Low) below which it could extend losses to 1.5245 (Oct 28 Low).
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