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GBP/USD breaks above 1.5000 as US dollar weakens

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD pushed higher and printed fresh high for the day above the 1.50 mark as the US dollar continued to weaken, weighed by a steep EUR/USD rally and slightly disappointing US jobless claims data.

    GBP/USD has risen more than 150 pips over the last hours and reached a high of 1.5068 before the 200-hour SMA offered resistance. At time of writing, Cable is trading at 1.5030, 0.52% above its opening price.

    With the ECB behind, market focus now turns to US nonfarm payrolls report tomorrow, the last one before decisive December FOMC meeting. Yellen will testify before the Congressional Joint Economic Council this afternoon, but probably will add nothing new after yesterday’s speech, when she sent a strong signal in the lift-off direction.

    GBP/USD technical levels

    In terms of technical levels, next resistances are seen at 1.5070 (10-day SMA), 1.5125 (Dec 1 high) and 1.5195 (Nov 23 high) . On the flip side, supports could be found at 1.4893 (7-month low Dec 2), 1.4855 (Apr 21 low) and 1.4810 (Apr 16 low).
    For more information, read our latest forex news.

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