OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD finds good support near 1.5440

FXStreet (Mumbai) - The recent selling pressure seen in the GBP/USD pair seems to ease, with the pair jumping back on the bids and hovers around hourly 50-SMA.

GBP/USD pressured on the USD strength

The GBP/USD pair trades modestly flat at 1.5457, bouncing-off a strong support of hourly S1 located at 1.5443. The major erased losses and now attempts a tepid-recovery ahead of the speech to be delivered by BOE MPC member Kristin Forbes later this session.

Moreover, the broad based US dollar strength on the back of the renewed optimism over the US economic outlook continues to overshadow any gains backed by the risk-on rally in the European stocks.

Later in the US session, the main focus will remain the consumer sentiment and industrial figures which are likely to provide further momentum on the cable.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5487/1.5500 (Todays High & round number) above which gains could be extended to 1.5531 (Sept 21 High & H1 R3). On the flip side, support is seen at 1.5413 (Oct 15 Low) below which it could extend losses to 1.5350/45 (10DMA & 200-DMA).

GBP/USD dips could find support near 1.5421 – OCBC

FX Strategist at OCBC Bank Emmanuel Ng sees pullbacks in the pair to remain contained near 1.5421...
Read more Previous

ECB comes in focus as the much anticipated meeting approaches - MUFG

Derek Halpenny, Research Analyst at MUFG, suggests that we had been pretty convinced that the ECB would not take any action at the forthcoming meet but have to admit we are not as convinced after reading the comments made by ECB Governing Council member Nowotny in a speech in Warsaw yesterday where he was pretty pessimistic in regard to current economic conditions in Europe.
Read more Next
Start livechat