GBP/USD bounces off lows, regains 1.5070

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Dreadful week for the sterling indeed… Considering that GBP/USD was flirting with 1.5500 the figure on Monday and is now navigating the mid-1.50s.

    GBP/USD hammered by BoE, NFP

    The weakness around the pound has been doing nothing but growing since the BoE left its monetary stance unchanged at its meeting on Thursday, followed by an unexpected dovish tone from the MPC minutes and the subsequent Quarterly Inflation Report.

    Today’s US Non-farm Payrolls have intensified the buying interest in the greenback, quickly relegating spot to break below the 1.5100 key support and head towards 7-month lows around 1.5040.

    GBP/USD levels to watch

    At the moment, the pair is down 0.96% at 1.5063 with the immediate support at 1.5000 (psychological level) followed by 1.4948 (low Jan.23) and then 1.4632 (low Mar.18). On the other hand, a break above 1.5348 (200-day sma) would open the door to 1.5382 (50% Fibo of 1.5659-1.5106) and finally 1.5472 (downtrend from 1.5820).
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