GBP/USD bulls face exhaustion above 1.52

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair is having a tough time extending gains above 1.52 levels for the fifth consecutive session as December Fed rate hike now seems inevitable.

    Stuck in a range

    The pair is being restricted largely to a range of 1.5250-1.5170 for five trading sessions now. The bullish move repeatedly runs out of steam around 1.5240 despite the positive UK data; as seen on Tuesday. Meanwhile, the downside is being restricted around 1.5170, barring a minor blip to 1.5154 ahead of UK CPI yesterday.

    The main focus today is on the Fed minutes, which could confirm the December rate hike and lead to a broad based demand for the US dollars.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5265 (Nov 13 high), above which the pair could target 1.5308 (50-DMA) and 1.5340 (200-DMA). On the lower side, support is seen at 1.5174 (Nov 12 low) and 1.5154 (Nov 17 low).
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