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GBP/USD: what a come back. Testing key daily MA's

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - GBP/USD is currently trading at 1.5313 with a high of 1.5341 and a low of 1.5222 having made a remarkable comeback from 1.5138.

    GBP/USD is grappling with the 200 DMA and the 20 DMA located at 1.5310 and 1.5320 respectively. The pound was helped along with the UK's industrial production that arrived 1.0% vs 0.3% expected. Mixed feeling s for this number when taking into account the manufacturing side of it, but all in all it is positive and leaves the pound in better light ahead of tomorrow's BoE.

    GBP/USD awaits the BoE tomorrow. See here for a preview by chief analyst at FXStreet, Valeria bednarik.

    Technically, Valeria explained that the pair's advance reached 1.5315, presenting a strong upward tone in the 1 hour chart, as the technical indicators maintain their bullish slopes, despite being in overbought territory.

    "In the 4 hours chart, the RSI indicator has lost its upward strength in overbought territory, whilst the Momentum indicator also lacks directional strength well above its mid-lines. Should the price accelerate above the mentioned Fibonacci resistance, the advance can extend up to 1.5360, en route to the 1.5400 figure."
    For more information, read our latest forex news.

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