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Oct 7, 2015
GBP/USD falls back to 1.53, but points higher
FXStreet (Mumbai) - The GBP/USD pair ran into offers at 1.5316 and fell back to trade around 1.53 levels, but bulls remain in control heading into the US session.
Focus on BOE
With no major US data due today, the investors shall now look towards the Bank of England rate decision and minutes due tomorrow. The bank is widely expected to keep rates unchanged and thus, the main focus would be on the vote split.
However, the sentiment on the Wall Street may affect cable today. Continuation of risk-on rally could see cable add a few more pips, while risk aversion could lead to a minor technical correction.
GBP/USD Technical Levels
At 1.5303, the immediate resistance is seen at 1.5319 (200-DMA), followed by a major hurdle at 1.5353 (200-MA on 4-hr chart). A break above the same would expose 1.5431 (50-DMA). On the downside, a break below 1.5297 (100-MA on 4-hr) could open doors for a technical correction to 1.5250 (support on hourly chart) and 1.52 levels.
Focus on BOE
With no major US data due today, the investors shall now look towards the Bank of England rate decision and minutes due tomorrow. The bank is widely expected to keep rates unchanged and thus, the main focus would be on the vote split.
However, the sentiment on the Wall Street may affect cable today. Continuation of risk-on rally could see cable add a few more pips, while risk aversion could lead to a minor technical correction.
GBP/USD Technical Levels
At 1.5303, the immediate resistance is seen at 1.5319 (200-DMA), followed by a major hurdle at 1.5353 (200-MA on 4-hr chart). A break above the same would expose 1.5431 (50-DMA). On the downside, a break below 1.5297 (100-MA on 4-hr) could open doors for a technical correction to 1.5250 (support on hourly chart) and 1.52 levels.