Wednesday, September 23, 2015

GBP/USD flirts with 200-DMA

FXStreet (Mumbai) - The GBP/USD pair is flirting with its 200-DMA located at 1.5340 levels ahead of Europe after having suffered sharp losses in the previous session.

Nears key support

The spot is trading few pips short of the key support at 1.5330 (Sep 15, 16 low). The pair suffered sharp losses for the third consecutive session on Tuesday amid risk aversion in the markets and rise in Fed rate hike bets.

The UK and the US economic calendar do not offer a major data release. Consequently, the focus is likely to be on the general market sentiment. The weak china data released today could weaken the mining and energy shares in the UK and may hurt GBP.

GBP/USD Technical Levels

At 1.5338, the immediate support is seen at 1.5330 (Sep 15 low), under which the spot could drop to 1.53 levels. On the other side, resistance is seen at 1.5372 (Sep 14 low) and 1.5410 (50% of 1.5163-1.5659).
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