GBP/USD Catches Fresh Bid, Takes-out Hourly 50-SMA

GBP/USD Catches Fresh Bid, Takes-out Hourly 50-SMA

28 April 2016, 08:25
Roberto Jacobs
0
15

GBP/USD Catches Fresh Bid, Takes-out Hourly 50-SMA

The British pound caught a fresh bid-wave in early Europe, now pushing GBP/USD to print fresh session tops above hourly 50-SMA located at 1.4563.

GBP/USD supported above 5-DMA

The GBP/USD pair rises 0.18% to fresh session highs at 1.4569, having finally taken-out 1.4550 barrier. The bulls appear to regain momentum, as the USD selling picks-up pace across the board on the back extended sell-off in USD/JPY, while lower oil prices keep the upside restricted.

Markets now await the US advance GDP numbers amid a lack of relevant fundamental drivers from the UK docket. While traders continue to assess the FOMC statement which was largely read as dovish by markets.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4600 (round number), above which 1.4670/88 (Feb 4 High/ daily R3) would be tested. On the flip side, support is seen at 1.4500 (psychological resistance turned support) below that at 1.4486/71 (Apr 26 / daily S1).


fxs_logo_news.png

Share it with friends: