was rejected from daily highs above the 100-day SMA and pulled back to trade
around opening levels as the dollar managed to trim some of its last sessions’
losses.
GBP/USD climbed above the 100-day SMA and reached its highest
level in 10 days, but faltered a few pips ahead of the 1.55 mark. Having peaked
at 1.5496, the pair is currently trading at the 1.5450 zone, virtually unchanged
since opening.
On the data front, The Institute for Supply Management
(ISM) manufacturing index for US dipped to 50.1 in October from 50.2 the
previous month, but came in above the 50.0 expected. Still the reading was the
lowest since May 2013. Meanwhile, US construction spending rose by 0.6% in
September versus a 0.5% increase expected.
GBP/USD technical
levels
On the downside, next supports are seen at 1.5422 (Nov 2
low), 1.5345 (200-day SMA) and 1.5305/00 (Oct 30 low/psychological level).On the
upside, next resistances line up at 1.5483/96 (100-day SMA/Nov 2 high), 1.5507
(Oct 15 high) and 1.5567 (Sep 21 high).
Well Trand is bullish with Neutral OB/OS Index