15 Sep 2015
GBP/USD drops to hourly 100-MA ahead of US data
FXStreet (Mumbai) - The weak tone on the GBP/USD pushed the spot back to its hourly 100-MA located at 1.5414 ahead of the monthly household spending data in the US.
Range intact
The spot is stuck largely in a range of 1.54-1.5470 since Friday as investors await making big bets on either of the currency ahead of Thursday’s FOMC rate decision. The UK CPI data released today turned out to be a non-event.
The focus now shifts to the Us monthly advance retail sales report, which will throw a light on whether job gains are translating into higher household spending.
GBP/USD Technical Levels
The spot has managed to sustain above its hourly 100-MA to trade around 1.5417. On the downside, a break below the immediate support at 1.5414 (hourly 100-MA) could open doors for 1.5347 (200-DMA). On the other side, resistance is seen at 1.5470, above which gains could be extended to 1.5517 (100-DMA).
Range intact
The spot is stuck largely in a range of 1.54-1.5470 since Friday as investors await making big bets on either of the currency ahead of Thursday’s FOMC rate decision. The UK CPI data released today turned out to be a non-event.
The focus now shifts to the Us monthly advance retail sales report, which will throw a light on whether job gains are translating into higher household spending.
GBP/USD Technical Levels
The spot has managed to sustain above its hourly 100-MA to trade around 1.5417. On the downside, a break below the immediate support at 1.5414 (hourly 100-MA) could open doors for 1.5347 (200-DMA). On the other side, resistance is seen at 1.5470, above which gains could be extended to 1.5517 (100-DMA).