Thursday, November 5, 2015

GBP/USD: calm ahead of Super Thursday events

FXStreet (Mumbai) - The GBP/USD pair is trading calm around 1.5380 levels ahead of the Bank of England events – rate decision, minutes, and the Quarterly Inflation Report (QIR).

Stuck at 5-DMA

A minor uptick in Asia ran out of steam around the 5-DMA located at 1.5394. The cable revisited 1.5360 area on Wednesday as the USD strengthened across the board on account of a strong US ISM non-manufacturing figure and due to hawkish comments from Fed’s Yellen.

The GBP traders now await the BOE events, which are expected to throw light on the timing of the BOE rate hike.

GBP/USD Technical Levels

At 1.5382, the immediate support is seen at 1.5350 (50% of Jan 2009 low-July 2014 high), 1.5277 (support of the rising trend line Oct1 low-Oct 29 low). On the higher side, resistance is seen at 1.5433 (resistance of the falling trend line Aug 25 high-Oct 22 high), 1.5470 (100-DMA), and 1.55 levels.
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