30 Mar 2015
GBP/USD recovers more than 50% of its losses
FXStreet (Mumbai) - The GBP/USD pair once again bounced-off from 1.48 levels, to trade at 1.4860 levels; down just 0.22% for the day.
Back above 23.6% Fib level, 1.48-1.5 range intact
The pair is back above 1.4849, which is the 23.65 Fib Retracement level of the move from 1.5550-1.4633. It remains to be seen whether the pair manages to sustain above the same, although the rise in the UK gilt yields could help the pair stay above 1.4849. Moreover, the rebound from 1.48 levels means the week long range of 1.48-1.5 remains intact.
At the moment, the pair is grappling with the hourly 200-MA located at 1.4861 levels. The pair could be influenced by the fresh news regarding Greece issue.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4876 (hourly 100-MA), above which gains could be extended to 1.49 levels. On the flip side, a break below 1.4849, could drive the pair lower to 1.49 levels.
Back above 23.6% Fib level, 1.48-1.5 range intact
The pair is back above 1.4849, which is the 23.65 Fib Retracement level of the move from 1.5550-1.4633. It remains to be seen whether the pair manages to sustain above the same, although the rise in the UK gilt yields could help the pair stay above 1.4849. Moreover, the rebound from 1.48 levels means the week long range of 1.48-1.5 remains intact.
At the moment, the pair is grappling with the hourly 200-MA located at 1.4861 levels. The pair could be influenced by the fresh news regarding Greece issue.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4876 (hourly 100-MA), above which gains could be extended to 1.49 levels. On the flip side, a break below 1.4849, could drive the pair lower to 1.49 levels.