GBP/USD above 1.51, Eyes key fib resistance

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair rose to 1.5115 after having taken out the hourly 50-MA level at 1.5097 levels and is now eyeing the 1.5120 (23.6% of 1.5336-1.5035).

    Eyes UK GDP

    The traders now await the UK Q3 GDP figure due for release tomorrow. Pound was on a strong footing yesterday after the UK BOR revised its 2016 GDP higher. The UK GDP is seen unchanged at 2.3% y/y and 0.5% q/q.

    The trading activity could stay lackluster till Friday’s London morning. It remains to be seen if the pair takes out 23.6% fib level or falls back to sub-1.51 levels ahead of the UK GDP figure.

    GBP/USD Technical Levels

    At 1.5115, the immediate resistance is located at 1.5120 (23.6% of 1.5336-1.5035), above which the pair could target 1.5163 (Sep 4 low). On the lower side, the hourly 50-MA at 1.5097 could offer support, under which the pair could revisit the daily low at 1.5066.
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