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GBP/USD bearish pressures build up, cracks 1.5200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The offered tone on the GBP strengthened in recent dealings, now pushing GBP/USD below 1.52 handle, as a softer start in the European stocks curbed the appetite for risky assets.

    GBP/USD extends below 1h 200-SMA

    The GBP/USD pair trades -0.29% lower at fresh session lows of 1.5191, having failed to resist 1.52 handle. The major extends losses mainly driven by fresh buying interest seen around the EUR/GBP cross post-European open.

    Moreover, the sharp losses seen in the European stocks, as markets negatively react to Paris terror attack further diminished the bids for higher-yielding currencies such as the GBP.

    Meanwhile, the major continues to suffer from Paris terror-led risk-off trades amid a data-quiet UK docket. Looking ahead, attention now turns towards the inflation figures from the UK and US due for release tomorrow.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5263/66 (20-DMA/ Nov 13 high), above which 1.5292/1.5300 (50-DMA/ round number) would be tested. On the flip side, support is seen at 1.5185 (Nov 13 Low) below which it could extend losses to 1.5150 (psychological levels).
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