GBP/USD Trades Below 50-DMA
British Pound extended its depreciating trend in Asia, taking the GBP/USD pair well below its 50-DMA located at 1.4303 levels.
Eyes 50% Fibo
The pair is now trading within a striking distance from 1.4252 (50% of 1.4668-1.3835). The demand for the US dollars remains intact as many in the markets believe the Fed is likely to surprise with its less dovish/slightly hawkish stance.
The UK data calendar is light; hence the spot is at the mercy of overall market sentiment. In the US session, the advance retail sales release may influence expectations surrounding tomorrow’s FOMC rate decision.
GBP/USD Technical Levels
The pair currently trades around 1.4268. A breakdown of immediate support at 1.4252 (50% of 1.4668-1.3835) would expose 1.42 (psychological figure) and 1.4164 (23.6% of 1.5230-1.3835). On the other side, resistance is seen at 1.4303. A violation there would open doors for 1.4368 (38.2% of 1.5230-1.3835) and 1.4436 (Friday’s high).
(Market News Provided by FXstreet)
