9 Jun 2015
GBP/USD struggles to extend gains
FXStreet (Mumbai) - The GBP/USD pair is struggling to extend gains over and above 1.5362 levels, after having bounced from a key Fib support at 1.5336.
Gains capped at 200-DMA
The upside in the pair is once again being restricted at the 200-DMA currently located at 1.5359. The Pound has been repeatedly offered around 1.5360-1.5365 since last week, making it difficult for the pair to rise over and above 1.5360 levels. Earlier today, the pair bounced from 1.5336, which is the 38.2% Fib R of 1.4564-1.5813.
Ahead in the day, the investor may look towards the UK trade deficit number, which is expected to show the goods trade deficit narrowed slightly in April.
GBP/USD Technical Levels
The immediate resistance is located at 1.5360-1.5365, above which the pair could extend gains to 1.54. On the flip side, a break below 1.5336 could see the pair re-test 1.53 levels.
Gains capped at 200-DMA
The upside in the pair is once again being restricted at the 200-DMA currently located at 1.5359. The Pound has been repeatedly offered around 1.5360-1.5365 since last week, making it difficult for the pair to rise over and above 1.5360 levels. Earlier today, the pair bounced from 1.5336, which is the 38.2% Fib R of 1.4564-1.5813.
Ahead in the day, the investor may look towards the UK trade deficit number, which is expected to show the goods trade deficit narrowed slightly in April.
GBP/USD Technical Levels
The immediate resistance is located at 1.5360-1.5365, above which the pair could extend gains to 1.54. On the flip side, a break below 1.5336 could see the pair re-test 1.53 levels.