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GBP/USD: Above 1.52, at session highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The GBP/USD pair extended gains to a high of 1.5224 after flirting with the trend line support in Asia and Europe.

    Trades at three-week high

    At 1.5224, the pair trades at its highest since November 20th. The USD is being offered across the board ahead of the weekend, although the US retail sales; with the headline figure at 4-month high and a better-than-expected control group figure (included in GDP calculations); tilted to a positive side.

    The USD weakness appears somewhat surprising since we are just four days away from the FOMC rate decision, where the bank is expected to announce a rate hike. It remains to be seen if the pair manages to latch on to gains above 1.52 ahead of the weekly closing or extends gains to a major resistance at 1.5248 (50% of Apr-Jun rally+38.2% of 1.5819-1.4895).

    GBP/USD Technical Levels

    The immediate resistance is located at 1.5248 (50% of Apr-Jun rally+38.2% of 1.5819-1.4895), above which the pair could target 1.5310 (Nov 20 high). On the other hand, a break below 1.52 would expose hourly 50-MA at 1.5168.
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