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GBP/USD: bears line up but bulls stacked at 1.5230

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - GBP/USD is currently trading at 1.5346 with a high of 1.5374 and a low of 1.5313.

    GBP/USD has run into tough resistance while being supported at the 20 and 200 DMA's. While markets are lacking drivers at the start of the week and with holidays taking place, the week will get busy with key data for both the pound and the US.

    The US holds the beige book, CPI's and retails sales that will all be keenly monitored in respect of the FOMC meeting this month, while in the UK, the claimant count is the most prominent data domicile for the pound.

    GBP/USD technically running out of steam?

    Analysts at UOB Group explains that failure to break above 1.5390 is not surprising. "The failure to break above this level suggests that the outlook for this pair is still neutral for now. However, the undertone is positive and as long as the current short-term consolidation can hold above 1.5230 (1.5260 already a strong support), a break above 1.5390 cannot be ruled out just yet."
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