GBP/USD rises back to 50-DMA ahead of US data

By FXStreet FXStreet (Mumbai) – The GBP/USD pair climbed back to its 50-DMA at 1.5349 ahead of the US data, which could show both personal income and spending dipped in October.

Trades above 200-DMA

The spot currently trades above its 200-DMA located at 1.5335 levels. An early move to 1.5359 quickly faded away and the pair fell back to trade around 1.5335 following another wave of buying took sterling to a fresh session high of 1.5362.

However, Sterling once failed to stay above its 10-DMA at 1.5359 levels. The gains could be extended further in case the data is weak enough to trigger a drop in the December rate hike bets.

GBP/USD Technical Levels

At 1.5350, the immediate resistance is located at 10-DMA at 1.5356, above which the gains could be extended to 1.5387 (Oct 13 high) and 1.54 levels. On the other side, 5-DMA at 1.5306 could offer support followed by a major support at 1.5248 (50% of Apr-Jun rally).
For more information, read our latest forex news. …read more

Source:: FX Street