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GBP/USD bounces-off Friday’s low, re-takes 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
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    FXStreet (Mumbai) - Fresh bids emerged near Friday’s low reached at 1.5185 levels, lifting GBP/USD back above 1.52 handle.

    GBP/USD trades near hourly 200-SMA above 1.5200

    The GBP/USD pair trades -0.21% lower at 1.5205, recovering from session lows struck at 1.5182. The cable keeps losses this session as the greenback remained broadly higher, mainly benefiting from renewed sell-off in EUR/USD.

    The major halted its downslide near Friday’s lows and recovered slightly on improved risk-sentiment as the European stocks switched to gains ahead of the Euro zone final CPI data.

    However, any recovery in the GBP/USD pair appears short-lived as the overall bearish sentiment persists ahead of the key inflation report from the UK and the US due to be released 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 1.5185/82 (Nov 13 low/ Daily low) below which it could extend losses to 1.5150 (psychological levels).
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