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GBP/USD below 1.52, but above Fib support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair fell to 1.5179, but recovered slightly to trade above 1.5185 (23.6% of July 2014-April 2014).

    Rejected at 50-DMA

    The spike in the GBP/USD in the NY session on Friday ran out steam at the 50-DMA located at 1.5238 levels. The USD was offered across the board despite the upbeat US advance retail sales figure. However, the bid tone on the USD recovered in Asia, which pushed cable to a low of 1.5179.

    As of now, the pair is trading at around 1.5190 levels. The data calendar is empty, which leaves the pair at the mercy of the overall market sentiment.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5238 (50-DMA)-1.5248 (50% of Apr-Jun rally), above which the pair could test 1.5330 (July 8 low). On the other side, a break below 1.5185 (23.6% of July 2014-April 2014) would expose 1.5154 (Nov 17 low).
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