Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD spikes to 1.5585, takes out 50-DMA resistance
FXStreet (Mumbai) – The bid tone on the GBP/USD ensured the spot rose above 1.5551 (50-DMA), triggering stops, which pushed the pair to a session high of 1.5585.
Trades above hourly 200-MA
The bullish momentum appears strong as the spot trades above its hourly 200-MA currently located at 1.5578. The weakness in the treasury yields, coupled with the rise in Gold prices is weighing over the USD. The sharp fall in the Chinese equities could have led the markets to speculate that Fed may put more emphasis on overseas turbulence in its policy statement on Wednesday, thereby hinting at a possible delay in the rate hike.
Moreover, the upbeat durable goods report has been completely ignored by the markets. The focus now shifts to the UK second quarter preliminary GDP report due for release on Tuesday.
GBP/USD Technical Levels
The immediate support is seen at 1.5551 (50-MA), under which the spot could re-test the daily low at 1.5490. On the other hand, a break above 1.5607 (23.6% Fib R of Apr-Jun rally) could open doors for 1.5671 (July 23 high).
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GBP/USD spikes to 1.5585, takes out 50-DMA resistance
Source: FXStreet
