GBP/USD comes all the way down to 1.52

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sterling has lost its initial shine, now dragging GBP/USD back to the 1.5200 neighbourhood ahead of FOMC minutes.

    GBP/USD turns negative near 1.52

    The pair is now posting marginal losses, extending its consolidative pattern around the 1.5200 handle prior to the publication of the FOMC minutes. According to market opinions, the tone of the Committee could be in line with recent speeches by Fed members, stressing further the likeliness of a Fed’s lift-off next month if data do not deteriorate.

    Back to the UK economy, Retail Sales and Public Sector Finance figures are expected on Thursday and Friday, respectively.

    GBP/USD important levels

    The pair is now up 0.05% at 1.5222 facing the immediate resistance at 1.5261 (7-month uptrend prev. support now resistance) followed by 1.5316 (61.8% Fibo of 1.5496-1.5023) and finally 1.5343 (200-day sma). On the flip side, a breach of 1.5135 (23.6% Fibo of 1.5496-1.5023) would aim for 1.5023 (low Nov.6) and then 1.4853 (low Apr.22).
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