FXStreet (Mumbai) – Sterling regained poised after an initial wobble, taking the GBP/USD back above its 200-DMA at 1.5332.
Sterling cheers services output figure
The weaker-than-expected GDP was countered by the rise in the services activity figure, which forms a major part of the UK economy. Consequently, the cable ran into fresh bids at the low of 1.5301. The turn higher has also brought the pair back above its hourly 50-MA located at 1.5339.
The focus now shifts to the UK durable goods order report, which will show if the corporate spending ticked higher in September in anticipation of a rate hike in the US.
GBP/USD Technical Levels
At 1.5342, the immediate resistance is seen at 1.5355 (38.2% of 1.5107-1.5509), above which the currency pair could target 1.5373 (50-DMA). A break above the same would open doors for 1.5407 (10-DMA). On the other side, support is seen at 1.5332 (200-DMA) and 1.5308 (50% of 1.5107-1.5509).
(Market News Provided by FXstreet)