GBP/USD – hourly 100-MA is a tough nut to crack

For the GBP/USD pair, the hourly 100-MA level of 1.3245 is proving to be tough nut to crack in Asia. Moreover, the 5-DMA is stationed at 1.3245 as well.

The Bank of England (BOE) kept key rates unchanged yesterday; however, the overall tone suggested the likelihood of more monetary easing in the immediate future has dropped.

Despite the slightly hawkish BOE, the currency pair finds itself stuck between hourly 100-MA level of 1.3245 and 38.2% Fibo of 1.2865-1.3445 located at 1.3224.

GBP/USD Technical Levels

The spot was last seen trading around 1.3230. A breach of immediate support at 1.3224 (38.2% of 1.2865-1.3445) would expose 1.3185 (Aug 19 low), under which losses could be extended to 1.3155 (50% of 1.2865-1.3445). On the other hand, a rise above 1.3245 (5-DMA + hourly 100-MA) could yield a move to 1.3285 (10-DMA) and 1.33 levels.