30 Oct 2013
GBP/USD remains capped by 20-day SMA
FXstreet.com (Córdoba) - The GBP/USD rose to retest the post-ADP highs after a sort-lived correction but remains capped by the 1.6080 zone, resistance reinforced by the 20-day SMA.
However, from a wider view, the GBP/USD remains trapped in a slim range ahead of the Federal Reserve policy statement, unable to pick real strength not even after disappointing US ADP and CPI data. The Cable is currently trading at the 1.6065 zone, recording a 0.1% gain on Wednesday.
GBP/USD technical outlook
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com noted that the pair holds a bearish tone in short-term chart, however regain of the 1.6115 zone "should signal a stronger recovery ahead towards 1.6200 for the upcoming sessions", she said.
In terms of levels, Bednarik locates immediate resistances at 1.6080, 1.6115 and 1.6150, while supports are seen at 1.6060, 1.6015 and 1.5970.
However, from a wider view, the GBP/USD remains trapped in a slim range ahead of the Federal Reserve policy statement, unable to pick real strength not even after disappointing US ADP and CPI data. The Cable is currently trading at the 1.6065 zone, recording a 0.1% gain on Wednesday.
GBP/USD technical outlook
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com noted that the pair holds a bearish tone in short-term chart, however regain of the 1.6115 zone "should signal a stronger recovery ahead towards 1.6200 for the upcoming sessions", she said.
In terms of levels, Bednarik locates immediate resistances at 1.6080, 1.6115 and 1.6150, while supports are seen at 1.6060, 1.6015 and 1.5970.