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GBP/USD boring around 1.5220

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The sterling is trading in a consolidative pattern vs. the dollar, with GBP/USD in a tight range around 1.5220.

    GBP/USD focus on US docket

    The pair is snapping a 4-session positive streak today, trimming part of the strong weekly advance after being propelled from lows around 1.5020 in response to a renewed dovish stance by the Bank of England and mounting expectations of a Fed’s lift-off in December.

    However, the current dull trading in the pair will be put to the test in light of the upcoming Retail Sales in the US economy, preceding the Reuters/Michigan index and Fed’s Mester’s speech.

    GBP/USD important levels

    The pair is now losing 0.03% at 1.5220 facing the immediate support at 1.5023 (low Nov.6) followed by 1.4853 (low Apr.22) and then 1.4563 (2015 low Apr.13). On the other hand, a breakout of 1.5260 (50% Fibo of 1.5496-1.5023) would expose 1.5315 (55-day sma) and finally 1.5403 (downtrend from 1.5658).
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