FXStreet (Mumbai) – The uptick in the US initial jobless claims helped the GBP/USD move back above 1.44 handle, but is struggling to rise further.
Rejected at hourly 50-MA
The pair rose to a high of 1.4437 about an hour back after the BOE minutes release but failed to sustain above the hourly 50-MA at 1.4424 and fell to 1.4395 levels. However, a rise in the US initial jobless claims to 284K pushed the pair back above 1.44 handle.
However, the struggle is on to re-test the hourly 50-MA again. Moving towards the NY closing, the pair is likely to be influenced by the overall market sentiment and Fed’s Bullard’s comments.
GBP/USD Technical Levels
The pair now trades around 1.4410. The immediate resistance is seen at 1.4424 (hourly 50-MA), above which the pair could target 1.4480 (hourly 100-MA). On the other hand, a failure to sustain above 1.44 would expose the daily low of 1.4360.
(Market News Provided by FXstreet)