Wednesday, October 28, 2015

GBP/USD gyrates 1.53 handle

FXStreet (Mumbai) - The GBP/USD pair was offered to a fresh session low of 1.5289 levels in early Europe after struggling to rise above 1.5315 in Asia today.

Supported at 1.5289

The spot turned higher from the low of 1.5289 to trade around 1.53 levels. The US dollar continues to remain on a positive footing despite a weak batch of US economic data on Tuesday. Meanwhile, sterling remains under pressure due to a weaker-than-expected growth rate in Q3.

Given the empty economic calendar, the markets may prefer to hold USD ahead of the Fed rate decision due later today.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5315, above which the spot could rise to 1.5332 (200-DMA). A break above the same would open doors for 1.5364 (50-DMA). On the other side, a break below 1.5282 (previous day’s low) may push the pair down to 1.5248 (50% of Apr-Jun rally).
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