GBP/USD Hourly 50-MA is Back as Resistance in Early Europe

GBP/USD Hourly 50-MA is Back as Resistance in Early Europe

31 March 2016, 08:15
Roberto Jacobs
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GBP/USD Hourly 50-MA is Back as Resistance in Early Europe

GBP/USD drifted lower in Asia, re-establishing hourly 50-MA as resistance ahead of BOE Carney’s speech and UK GDP release.

Focus on Carney

Governor Carney’s comments are scheduled to hit the wires well ahead of the UK GDP release. Hence, the economic data releases could turn out to be non-event for the markets, especially if Carney warns about the potential destabilizing impact of Brexit.

Later in the US session, initial jobless claims are due for release. Regional Fed manufacturing index and comments from Fed’s Dudley would be watched out by markets as well.

GBP/USD Technical Levels

The immediate hurdle is noted at 1.4353 (hourly 50-MA), which if breached shall expose 1.4404 (Mar 29 high) followed by a major hurdle at 1.4459 (NY session high). On the other hand, violation at 1.43 would open doors for slide to 1.4279 (50-DMA) and 1.4252 (50% of 1.4669-1.3835).

(Market News Provided by FXstreet)

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