GBP/USD bounces-off lows ahead of 1.4800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 31, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The cable continues to waver above 1.48 handle in the European session, although keeps the bid tone intact amid broad based US dollar strength.

    GBP/USD back above daily pivot

    The GBP/USD pair trades 0.05% higher at 1.4825, jumping-off fresh session lows struck at 1.4808 in last hours. Having bottomed just ahead of 1.48 handle, the major climbed higher towards familiar ranges around 1.4830 region. However, the recovery appears to lack follow through as the fresh bid tone on the greenback keeps a lid on the GBP/USD.

    Heading towards the last NY session of 2015, the prices are expected to find support from rebounding oil prices and lower US treasury yields. While further cues on the major would be provided by the upcoming US economic releases.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4849 (Dec 30 High), above which 1.4863/73 (1h 100 & 200-SMA) would be tested. On the flip side, support is seen at 1.4800 (round number) below which it could extend losses to 1.4787 (Dec 29 Low).
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