GBP/USD turns positive, eyes hourly 100-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The GBP/USD pair is attempting gains after having ended higher in the previous session tracking the stability in the US stock markets.

    Hovers around 1.4470

    The spot is trading around 1.4470; just 25 pips short of the hourly 100-MA seen at 1.4495. Sterling clocked a high of 1.4515 (hourly 100-MA yesterday) after the stock markets in the US quickly recovered early losses. However, the caution ahead of Yellen testimony kept stocks flat and restricted gains in the Cable.

    The investors now await the UK manufacturing production data, which will be followed by Yellen testimony.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.4495 (hourly 100-MA), above which prices could target 1.4516-1.4519 (23.6% of 1.5930-1.4079 + 38.2% of 1.5230-1.4079). On the other hand, a break below 1.44 levels would expose 1.4374 (50% of 1.4079-1.4668).
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