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GBP/USD back to test 1.5210

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The offered tone around GBP seems to be now piking up pace, sending GBP/USD back to the 1.5215/10 band.

    GBP/USD failed to break above 1.5250

    The pair’s upside has failed to extend the bull run above the 1.5250 area today, as the greenback seems to be once again gathering traction. In the meantime, the pound keeps alive its weeky upside, advancing for the second consecutive session after Monday’s pullback.

    Next of relevance for the pair will be today’s FOMC minutes, while Retail Sales (Thursday) and Public Sector Finances (Friday) are next in the UK economy.

    GBP/USD important levels

    The pair is now up 0.05% at 1.5222 facing the immediate resistance at 1.5261 (7-month uptrend prev. support now resistance) followed by 1.5316 (61.8% Fibo of 1.5496-1.5023) and finally 1.5343 (200-day sma). On the flip side, a breach of 1.5135 (23.6% Fibo of 1.5496-1.5023) would aim for 1.5023 (low Nov.6) and then 1.4853 (low Apr.22).
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