GBP/USD treads water around 1h 20-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Having failed near 5-DMA in the US last session, the GBP/USD pair resumed its downslide, only to find fresh bids near 1.5110 region in Asia and jumped off towards hourly 20-SMA at 1.5133, where it now wavers.

    The UK’s inflation report hearings – In focus

    The GBP/USD pair trades 0.05% higher at 1.5131, unable to take out the daily pivot placed at 1.5142. The cable is seen oscillating in a 20-pips slim range ever since Tokyo open as markets remain cautious and refrain from placing big bets ahead of BOE Governor Mark Carney testimony to the UK legislators on the Treasury Committee about the central bank's latest Inflation report.

    While the US dollar started the session on the back foot against its major competitors after the latest manufacturing report from the US disappointed markets. Attention now turns towards the US prelim GDP report due later in the NY session for further signs of strength in the US economic recovery.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5186 (5-DMA), above which 1.5197/1.5200 (Nov 23 High/ round umber) would be tested. On the flip side, support is seen at 1.5104 (Nov 23 Low) below which it could extend losses to 1.5087 (daily S1).
    For more information, read our latest forex news.

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