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Market Analysis

Home » Featured » Cable Still Looks Bullish After Disappointing Data

Cable Still Looks Bullish After Disappointing Data

Posted by FXTimes in Featured - October 27th, 2015 5:01 am GMT


27 October 2015, 12:51 AM E.S.T. – The GBP/USD pair has posted a limited intraday advance, retreating at the end of the day, from a daily high established at 1.5381.

Data coming from the UK was for the most, disappointing, as manufacturing production edged downwards during the three months to October, marking the first decline in the last two years, according to the CBI Quarterly Industrial Trends Survey, whilst Mortgage Approvals fell to 44,489 in September from 46,567 in August, but were 14% up from the same time a year ago, according to the British Bankers’ Association.

From a technical point of view, the 1 hour chart presents a limited upward tone, as despite the pair is above a bullish 20 SMA, the technical indicators have lost their bullish strength, and are turning south above their mid-lines.

In the 4 hours chart, however, the risk remains towards the downside, as the price has faltered around a bearish 20 SMA, while the technical indicators remain in negative territory, and the RSI indicator is already turning south around 44.

Support levels: 1.5320 1.5285 1.5250

Resistance levels: 1.5380 1.5415 1.5450

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