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GBP/USD capped by 1.5100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The pound has surrendered part of its initial gains vs. the dollar today, sending GBP/USD back to the 1.5090/80 area.

    GBP/USD propped up by risk

    The pair remains bolstered by the offered tone in the greenback following last week’s strong Payrolls (271K), managing to revert the significant drop to the 1.5030 area while market expectations of a Fed’s lift-off in December continue to build up.

    However, further upside appears limited just above the 1.5100 mark so far, leaving spot to meander in a narrow range ahead of the speech by Fed’s E.Rosengren and the release of the Labor Market Conditions Index (LMCI)

    GBP/USD levels to watch

    At the moment, the pair is advancing 0.20% at 1.5082 facing the next resistance at 1.5135 (23.6% of 1.5496-1.5023) followed by 1.5227 (7-month uptrend prev support now resistance) and then 1.5324 (55-day sma). On the other hand, a break below 1.5023 (low Nov.6) would aim for 1.4948 (low Jan.23) and finally 1.4563 (2015 low Apr.13).
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