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GBP/USD climbs to fresh daily highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - Following a short-lived intraday pullback, GBP/USD resumed the advance and posted fresh daily highs as the dollar weakened across the board over the last hours.

    GBP/USD briefly dipped back the 1.51 mark, but found buyers soon after and climbed to a fresh daily peak of 1.5127 in recent dealings, coincidentally with a USD setback across the board. At time of writing, the pair is trading at 1.5125, recording a 0.33% gain on the day.

    On the data front, a string of US data came in on the strong side with jobless claims and durable goods orders beating expectations and consumer confidence improving in November. Meanwhile, new home sales and personal income/spending rose in line with expectations.

    GBP/USD supports and resistances

    If GBP/USD breaks decisively above 1.5125, next resistances could be found at 1.5155 (Nov 24 high) and 1.5195 (Nov 23 high) followed by 1.5230 (21-day SMA). Meanwhile, immediate support levels are seen at 1.5055/50 (Nov 25 & 24 lows), 1.5026 (Nov 6 low) and 1.5000 (psychological level).
    For more information, read our latest forex news.

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