GBP/USD trades above 10-DMA in early Europe

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair took out 10-DMA and is trading just above 1.43 levels after closing higher on Friday for the third consecutive session.

    Struggles to extend gains above 1.43

    The spot is having a tough time in extending gains above 1.43 handle. The pair clocked a high of 1.4309 in Asia before falling back to 1.4295. The pair now trades around 1.4305 levels. The corrective rally in the cable is now three day old and may continue today if the risk-off does not return.

    The traders would also keep an eye on the CBI total trends survey figure, which is expected to show the manufacturer’s orders book contracted in January.

    GBP/USD Technical Levels

    The immediate support is seen at 1.4284 (hourly 200-MA), under which the spot could drop to 1.4215 (hourly 100-MA). On the other hand, a break above 1.4309 (Asian session high) would open doors for 1.4363 (Friday’s high).
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