GBP/USD: gains capped at key Fibo level

FXStreet (Mumbai) – The GBP/USD ticked higher in Asia, but the gains were capped at 1.4888 (76.4% of Apr-Jun rally).

Hovers around hourly 100-MA

The pair hovers around the hourly 100-MA at 1.4881 levels. Sterling advanced on Wednesday on the back of a better-than-expected UK current account deficit figure and year-end profit taking on the overcrowded USD longs
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Cable failed to take out 1.49 and ended the previous session lower at 1.4868 levels. The pair hit a low of 1.4805 levels earlier this week.

GBP/USD Technical Levels

At 1.4880, the immediate resistance is seen at 1.4888 (76.4% of Apr-Jun rally), above which the pair could target 1.4950 (Dec 18 high). On the other hand, a break below 1.4858 (daily low) would open doors for a drop to 1.4805 (Dec 22 low).

The GBP/USD ticked higher in Asia, but the gains were capped at 1.4888 (76.4% of Apr-Jun rally).

(Market News Provided by FXstreet)