23 Mar 2015
GBP/USD recovers from the session low
FXStreet (Mumbai) - The GBP/USD pair recovered part of its losses after the pair found support at its hourly 50-MA located at 1.4837.
GBP/USD: Slight recovery based on technicals?
The pair managed to recover from the low of 1.4837 to trade at the current level of 1.4885 despite the UK yields having extended losses. The 10-year Gilt yield now trades 1.3 basis points lower at 1.503%. Meanwhile, the 10-year yield trades more or less unchanged at 1.929%. Thus, the yield spread remains in favor of the USD, thus, the recovery may have stalled around 1.4880-1.4890 levels.
Moreover, the pair bounced back from the hourly 50-MA and the hourly 200-MA located at 1.4837 and 1.4843. The pair managed to recover above the hourly 200-MA, which may have triggered a minor technical correction. Investors now await the UK GBP total trends orders data due for release in a few minutes.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4903 (10-DMA), above which gains could be extended to 1.4935 levels. On the flip side, a break below 1.4837 (hourly 50-MA), could push the pair down to 1.48 levels.
GBP/USD: Slight recovery based on technicals?
The pair managed to recover from the low of 1.4837 to trade at the current level of 1.4885 despite the UK yields having extended losses. The 10-year Gilt yield now trades 1.3 basis points lower at 1.503%. Meanwhile, the 10-year yield trades more or less unchanged at 1.929%. Thus, the yield spread remains in favor of the USD, thus, the recovery may have stalled around 1.4880-1.4890 levels.
Moreover, the pair bounced back from the hourly 50-MA and the hourly 200-MA located at 1.4837 and 1.4843. The pair managed to recover above the hourly 200-MA, which may have triggered a minor technical correction. Investors now await the UK GBP total trends orders data due for release in a few minutes.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4903 (10-DMA), above which gains could be extended to 1.4935 levels. On the flip side, a break below 1.4837 (hourly 50-MA), could push the pair down to 1.48 levels.