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23 Oct 2015
GBP/USD heading towards key resistance at 1.5420
FXStreet (Mumbai) - The bid tone on the GBP strengthens in the European morning, driving the GBP/USD towards the hourly 200-SMA located at 1.5420.
GBP/USD faces stiff resistance near 1.5420 region
The GBP/USD pair trades 0.13% higher at fresh session highs of 1.5416, trying to take-out 1.5420 levels, where the hourly 200-SMA & 10-DMA coincide. The major picked-up paced and heads higher on the bids as accelerating gains on the European stocks further bolsters risk-off trades and boosts riskier currencies such as the GBP.
Moreover, the US dollar reversed previous gains and corrects lower versus its major competitors, thus supporting the upside in GBP/USD/ The USD index now loses -0.07% to trade at 96.36.
In the day ahead, the pair will be influenced by the sentiment on the global equities amid a data-empty GBP calendar.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5419/20 (10-DMA + h1 200-SMA) above which gains could be extended to 1.5500/09 (round number + Oct 21 High) On the flip side, support is seen at 1.5367 (Oct 21 Low) below which it could extend losses to 1.5346 (200-DMA).
GBP/USD faces stiff resistance near 1.5420 region
The GBP/USD pair trades 0.13% higher at fresh session highs of 1.5416, trying to take-out 1.5420 levels, where the hourly 200-SMA & 10-DMA coincide. The major picked-up paced and heads higher on the bids as accelerating gains on the European stocks further bolsters risk-off trades and boosts riskier currencies such as the GBP.
Moreover, the US dollar reversed previous gains and corrects lower versus its major competitors, thus supporting the upside in GBP/USD/ The USD index now loses -0.07% to trade at 96.36.
In the day ahead, the pair will be influenced by the sentiment on the global equities amid a data-empty GBP calendar.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5419/20 (10-DMA + h1 200-SMA) above which gains could be extended to 1.5500/09 (round number + Oct 21 High) On the flip side, support is seen at 1.5367 (Oct 21 Low) below which it could extend losses to 1.5346 (200-DMA).