Forex: GBP/USD moves off 100 MA support
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - Having largely ranged throughout the overnight session, GBPUSD has declined to find support at the 100 MA ahead of the European open.
Making a low at 1.6009 and a high at 1.6024, the pair moved within a near 15 pip range throughout the Asia session and mainly traded between Fibonacci S1 support and the daily pivot point at 1.6012 and 1.6030. However, spot broke lower in the build up to the Asia close to find support at the hourly 100 MA at 1.5998 before pushing higher to to where it is currently trading at 1.6005.
Calendar wise, today's European session look quite quiet with Spanish Retail Sales at 08:00 GMT, EU M3 Money supply due at 09:00 GMT, followed by US MBA Mortgage Application at 12:00 GMT and wrapped up with German CPI at 13:00 GMT. The Danske Research team recommend going long at 1.6026 for a target of 1.6176 with a stop at 1.5976. Elsewhere, Asian stocks closed down, European futures are slightly down alongside commodities.
Making a low at 1.6009 and a high at 1.6024, the pair moved within a near 15 pip range throughout the Asia session and mainly traded between Fibonacci S1 support and the daily pivot point at 1.6012 and 1.6030. However, spot broke lower in the build up to the Asia close to find support at the hourly 100 MA at 1.5998 before pushing higher to to where it is currently trading at 1.6005.
Calendar wise, today's European session look quite quiet with Spanish Retail Sales at 08:00 GMT, EU M3 Money supply due at 09:00 GMT, followed by US MBA Mortgage Application at 12:00 GMT and wrapped up with German CPI at 13:00 GMT. The Danske Research team recommend going long at 1.6026 for a target of 1.6176 with a stop at 1.5976. Elsewhere, Asian stocks closed down, European futures are slightly down alongside commodities.
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