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GBP/USD bounces off 1.5070

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 25, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The sterling is now returning to the 1.5090 area vs. the greenback, after GBP/USD briefly tested the 1.5070 area, or session troughs.

    GBP/USD supported at 1.5050

    The pair is advancing for the first time after three consecutive sessions of losses, although it remains subdued below the 1.5100 handle.

    Spot has retreated from the mid-1.5100s on Tuesday in response to dovish comments from Governor M.Carney and MPC member A.Haldane in yesterday’s Inflation Report Hearings, pushing further back expectations of a rate hike by the Bank of England and thus adding selling pressure to GBP.

    In the data space, BBA’s Mortgage Approvals have come in at 45.437K during October vs. 45.5K expected. Across the pond, Durable Goods Orders, Personal Income/Spending and the PCE will be the main highlight today.

    GBP/USD important levels

    The pair is now up 0.04% at 1.5085 facing the next support at 1.5023 (low Nov.6) ahead of the psychological mark at 1.5000 and then 1.4853 (low Apr.21). On the flip side, a breakout of 1.5217 (61.8% Fibo of 1.5023-1.5336) would expose 1.5318 (55-day sma) and finally 1.5336 (high Nov.19).
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