FXStreet (Mumbai) – The broad based USD weakness triggered by a sharp rise in the EUR/USD pair pushed the GBP/USD pair to a session high of 1.5324, before moving back to 1.5280 levels.
GBP/USD: trades above hourly 50-MA
The impulsive move has finally pushed the pair sufficiently above its hourly 50-MA currently located at 1.5266 levels. The pair has struggled since 27th May to take out the hourly 50-MA. Each time, the failure to do so pushed the pair down by about 100 odd pips. It remains to be seen if the pair manages to sustain above the hourly 50-MA today.
Ahead in the day, the pair could continue to track the movement in the EUR/USD pair. The US factory orders could also influence the cable.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5330-1.5336, above which gains could be extended to 1.5384. On the flip side, a break below 1.5266 could drive the pair lower to 1.52.
(Market News Provided by FXstreet)