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GBP/USD breaks above 1.5300, hits 2-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD picked up pace and broke to fresh 2-week highs as the dollar is facing another round of selling.

    GBP/USD broke above the 1.53 mark and stretched to a peak of 1.5335, but stalled a few pips shy of the 200-day SMA that stands around 1.5340. At time of writing, the pair is trading at 1.5320, recording a 0.56% gain on the day.

    The dollar has continued to weaken during the New York session as investors assess the repercussions of not-so-hawkish minutes from the FOMC issued Wednesday.

    GBP/USD technical levels

    In terms of technical levels, GBP/USD could find next resistances at 1.5340 (200-day SMA), 1.5400 (psychological level/Nov 5 high) and 1.5416 (100-day SMA). On the flip side, supports are seen at 1.5227 (Nov 19 low), 1.5192/87 (10-day SMA/Nov 18 low) and 1.5153 (Nov 17 low).
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