Saturday, October 17, 2015

GBP/USD consolidates in MA cluster

FXStreet (Guatemala) - GBP/USD is currently trading at 1.5443 with a high of 1.5487 and a low of 1.5430.

GBP/USD is consolidated at the end of the week, having made a come back from the support of the 200 SMA on the hourly earlier down at 1.5240 region on a rally while broad based dollar weakness ensued. There has been a lack of impetus for the pound today, although BoE's Forbes was upbeat with comments on the economy who suggested a rate rise should come sooner than later which gave the pound a bit of a last minute boost for the week.

Technically, Karen Jones, chief analyst at Commerzbank suggested, "Dips will find nearby support at 1.5405/1.5355 today, but we note the 13 count on the 240 minute chart today and should find some resistance ahead of here at 1.5540 on the day," adding, A move below 1.5280 should alleviate immediate upside pressure, but we will need sub 1.5200 to retarget the 1.5108 low. The more important 1.5086/1.5000 support which is the 61.8% retracement and psychological support is likely to provide strong support. Above the cloud at 1.5490 will see the 1.5540 zone come into play."
For more information, read our latest forex news.

No comments:

Post a Comment