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GBP/USD challenges 2-week lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/USD remains under pressure during the American afternoon as the greenback gathered momentum, dragging Cable to fresh 2-week lows.

    GBP/USD made a marginal new low of 1.5118 but lacked follow-through to break decisively below the 1.5120 support area. At time of writing, the pair continues to struggle around 1.5120, recording a 0.46% loss on the day.

    GBP/USD technical perspective

    From a technical view, Valeria Bednarik, chief analyst at FXStreet noted that the short term technical outlook remains bearish, “given that in the 1 hour chart, the price is developing well below a bearish 20 SMA, whilst the technical indicators present bearish slopes in negative territory”.

    At the same time, Bednarik locates immediate support levels at 1.5085 and 1.5050, while she places resistances at 1.5160, 1.5190 and 1.5220.
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