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GBP/USD capped ahead of key events

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - GBP/USD is currently trading at 1.5415 with a high of 1.5501 and a low of 1.5403.

    The focus this week for GBP/USD will be the Nonfarm Payrolls at the end of the week (expected to be positive supporting the greenback) and the BoE that will be announcing its latest monetary policy decision and publish both the minutes of the monthly meeting and the quarterly Inflation Report.

    Analysts at Nomura explained, "With the underlying inflationary news since August probably to the upside over policy relevant horizons, conditional on hiking in line with more dovish market expectations, we expect a hawkish message from this Inflation Report."

    GBP/USD levels

    Technically, GBP/USD is keeping a lid on rallies, failing at 1.5480 ahead of the key 1.5509 October high. On the wide, and to the downside failures at 1.5200 are required to retarget the 1.5172/55 June and September lows en route to the 1.5108 1st October low as suggested by Karen Jones, chief analyst at Commerzbank. "The more important 1.5086/1.5000 support, which is the 61.8% retracement and psychological support, is likely to provide strong support."
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