OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD met fresh supply near 1.5370, recedes to 200-DMA

FXStreet (Mumbai) - The GBP bulls halted its non-stop upward march spurred by the UK labour markets report, sending GBP/USD lower near the mid-point of the 1.53 handle.

GBP/USD drops to hourly 200-SMA

The GBP/USD pair drops 0.62% to 1.5345, retracing from fresh session highs struck at 1.5372 some minutes ago. The major failed once again near the 1.5370-1.5390 resistance zone and met through supply, with the cable finding god support at the key 200-DMA located near 1.5340 levels.

The pair shot higher after the UK jobs report reflected mixed results with the monthly wages coming in below estimates. However, the data was read as net-GBP positive and hence pushed GBP/USD towards 1.54 barrier.

Looking ahead, the major will be influenced by the sentiment on the US stocks while the US advance retail sales and PPI data are expected to remain the main drivers in markets.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5372/78 (Todays High & H1 R2) above which gains could be extended to 1.5400 (round number). On the flip side, support is seen at 1.5316 (5-DMA) below which it could extend losses to 1.5258/54 (Oct 8 & Today’s Low) levels.

EUR/USD looking to stabilize above 1.14

The common currency remains on a firmer footing vs. the greenback, with EUR/USD navigating above the 1.1400 handle so far...
Read more Previous

China, Brazil and Russia to pave the way for recession next year - Citi

Citigroup's Chief Economist Willem Buiter said in his presentation for CNBC, the global economy is likely to slide back into recession as early as next year, citing China, Brazil and Russia to lead the economic downturn across the globe.
Read more Next
Start livechat