OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD revisits session high, USD weakens

FXStreet (Mumbai) - The GBP/USD pair found renewed bids just below 1.53 handle and attempts another run towards daily highs near 5-DMA.

GBP/USD clings to 1.53 handle

The GBP/USD pair trades 0.05% at 1.5310, testing daily highs reached at 1.5315 levels. A fresh sell-off in the US dollar across the board brought the GBP back on the bids and now looks to surpass the key 5-DMA upside barrier. The USD index drops -0.14% to 96.89.

Moreover, rebounding oil prices and solid gains on the UK’s FTSE index also boosts the sentiment around the British pound, keeping GBP/USD supported.

Meanwhile, the major continues to track the broader sentiment with the focus now shifting to the much awaited FOMC decision.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5350 (200-DMA) above which gains could be extended to 1.5400/04 (round number + 1h 200-SMA). On the flip side, support is seen at 1.5250/32 (psychological levels+ daily S2) below which it could extend losses to 1.5200 (round number).

GBP/USD under pressure, 1.5200 on sight – Commerzbank

In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could test the 1.5202/00 area...
Read more Previous

Can Fed dovishness calm market worries over oil and bunds? – SocGen

Kit Juckes, Research Analyst at Societe Generale, suggests that today the global markets will spend the day watching oil prices, watching equities, watching Bund yields and waiting for the FOMC.
Read more Next
Start livechat