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21 Jan 2016
GBP/USD – Hourly 50-MA a tough nut to crack
FXStreet (Mumbai) - The hourly 50-MA proved to be a strong resistance once again, as the GBP/USD pair failed to take out the same and revisited daily lows around 1.4150.
Offered at hourly 50-MA for fourth time in 24 hours
The latest drop from the hourly 50-MA was the fourth occasion when the pair ran into offers around the same in last 24 hours. The 30-pip fall from the hourly 50-MA appears to be technical driven move since we did not have any major data releases in Europe.
The moderate gains in the European stock markets also failed to see the pair through the hourly 50-MA. Ahead in the day, the spot could take cues from the action in the EUR/GBP pair following ECB Draghi’s press conference.
GBP/USD Technical Levels
The spot remains around 1.4150. A break above the strong resistance of the hourly 50-MA at 1.4181 could see the pair test 1.4228 (hourly 100-MA). On the other hand, a break below 1.4125 (Jan 20 low) would open doors for a drop towards 1.40 levels.
Offered at hourly 50-MA for fourth time in 24 hours
The latest drop from the hourly 50-MA was the fourth occasion when the pair ran into offers around the same in last 24 hours. The 30-pip fall from the hourly 50-MA appears to be technical driven move since we did not have any major data releases in Europe.
The moderate gains in the European stock markets also failed to see the pair through the hourly 50-MA. Ahead in the day, the spot could take cues from the action in the EUR/GBP pair following ECB Draghi’s press conference.
GBP/USD Technical Levels
The spot remains around 1.4150. A break above the strong resistance of the hourly 50-MA at 1.4181 could see the pair test 1.4228 (hourly 100-MA). On the other hand, a break below 1.4125 (Jan 20 low) would open doors for a drop towards 1.40 levels.