GBP/USD Rejected Again at Hourly 200-MA
Cable once again failed to take out hourly 200-MA hurdle seen today at 1.4166 and fell to 1.4140 levels.
Awaits US data
Chart
driven trading is likely to continue throughout European session given
the UK data calendar is empty. Furthermore, repeated failure at hourly
200-MA is making life difficult for GBP bulls.
The pair thus
awaits US data release – industrial production, Michigan confidence –
release. The data by itself may not have much impact on the markets
unless it manages to move treasury yields.
GBP/USD Technical Levels
The
immediate resistance is seen at 1.4166 (hourly 200-MA), above which the
spot may test 1.42 levels. Next major resistance is seen at 1.4252 (50%
of 1.4669-1.3835). On the other hand, a break below 1.4133 (hourly
chart support) could yield 1.4079 (Jan 21 low), under which next major
support is stationed at 1.4032 (23.6% of 1.4669-1.3835).
(Market News Provided by FXstreet)
