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GBP/USD: Upside capped by hourly 20-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - GBP/USD keeps range around 1.5265 levels in the mid-European session, failing several attempts to extend beyond the hourly 20-SMA located near 1.5275 region.

    GBP/USD striving to surpass 1h 20-SMA

    The GBP/USD pair trades almost unchanged at 1.5265, re-attempting session highs posted at 1.5275 post European open. The GBP/USD pair remains stuck in a 20-pips narrow over the last few hours, little affected by the release of upbeat datasets from the UK.

    The mortgage market in the UK remained on a solid footing in September, with an increase in the value of loans remained at more than a seven-year high. While the net-lending figures to individual grew to 4.9B above expectations of a drop to 4.4B.

    While the cable remains resilient to the renewed sell-off in the US dollar against its major competitors as markets anticipate a poor US Q3 first estimate reading. Markets are predicting the advance Q3 GDP to show a 1.6% increase y/y, less than half of the expansion seen in the previous quarter.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5296/1.5300 (5-DMA/ round number) above which gains could be extended to 1.5350/60 (200/20-DMA). On the flip side, support is seen at 1.5245 (Oct 28 Low) below which it could extend losses to 1.5221 (daily S1).
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