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GBP/USD catches fresh bid tone, reverts to 1.4840

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The British pound manages to recover lost footing against its American counterpart in the mid–European session, sending GBP/USD back towards higher levels near 1.4840 region.

    GBP/USD reverts to 1.48 handle

    The GBP/USD pair trades 0.12% higher at 1.4838, heading for a retest of daily highs posted at 1.4845. The bulls fight back control and refuel the demand for higher yielding currencies as the European stocks recover losses. The DAX now trades -0.39 versus -0.60% previous while the UK’s FTSE drops -0.48% as compared to a -0.68% fall seen in early trades.

    Moreover, the GBP traders appear to cheer in a delayed reaction, the latest auspicious HPI data from the UK and therefore, provide the much-needed support to GBP/USD. Meanwhile, attention now remains on the US data for further momentum amid low volumes.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4858 (1h 50-SMA), above which 1.4878/86 (5-DMA/1h 200-SMA) would be tested. On the flip side, support is seen at 1.4800 (round number) below which it could extend losses to 1.4787 (Dec 29 Low).
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