GBP/USD trades below hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD turned lower in Asia to trade below the hourly 50-MA located at 1.5145 levels.

    Eyes US data

    The pair found support at 1.5113 (23.6% of 1.5819-1.4895) and bounced back to 1.5180 in the early NY session before ending the day at 1.5159. The USD managed to avoid losses as the hopes of the Fed liftoff next week supported the demand for the greenback.

    The traders now await the US advance retail sales report, which could show the household spending ticked higher in November.

    GBP/USD Technical Levels

    At 1.5138, the immediate resistance is seen at 1.5145 (hourly 50-MA), above which the gains could be extended to 1.5167 (61.8% of 1.5336-1.4895). On the other hand, a break below 1.5113 (23.6% of 1.5819-1.4895) would expose 1.5087 (61.8% of Apr-Jun rally).
    For more information, read our latest forex news.

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