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).