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23 Feb 2015
GBP/USD drops below hourly 200-MA
FXStreet (Mumbai) - The GBP/USD pair fell below the hourly 200-SMA located at 1.5369 levels, after having faced rejection at 1.5393 levels earlier today. The pair eventually fell below the 10-DMA located at 1.5389 levels.
GBP/USD: Trades below 50% Fib level
The pair dropped below the 50% Fib Expansion level of 1.4993-1.5350-1.5195, earlier today ahead of the thin Economic calendar in the UK. The UK CBI distributive trades survey due for release later today is unlikely to have a significant impact on the GBP/USD pair.
Moreover, the weakness seen today is more due to the broad based strength in the USD ahead of tomorrow’s Janet Yellen’s semi-annual testimony. The 10-year Treasury yield in the US recovered from 2.098% to 2.12%, which helped the USD strengthen across the board.
GBP/USD Technical Levels
The immediate support is seen at 1.5334, under which losses could be extended to 1.53 levels. On the flip side, a break above 1.5375 could see the pair rise to 1.5420 levels.
GBP/USD: Trades below 50% Fib level
The pair dropped below the 50% Fib Expansion level of 1.4993-1.5350-1.5195, earlier today ahead of the thin Economic calendar in the UK. The UK CBI distributive trades survey due for release later today is unlikely to have a significant impact on the GBP/USD pair.
Moreover, the weakness seen today is more due to the broad based strength in the USD ahead of tomorrow’s Janet Yellen’s semi-annual testimony. The 10-year Treasury yield in the US recovered from 2.098% to 2.12%, which helped the USD strengthen across the board.
GBP/USD Technical Levels
The immediate support is seen at 1.5334, under which losses could be extended to 1.53 levels. On the flip side, a break above 1.5375 could see the pair rise to 1.5420 levels.