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GBP/USD consolidates below 1.53 ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The sterling is trading in a tight range at the end of the week, taking GBP/USD to the 15275/70 band so far.

    GBP/USD eyes on UK releases

    The pair has attempted a breakout of the 1.5300 handle on Thursday, although the up move lacked of follow trough and stalled ahead of the key 200-day sma just above 1.5340, prompting spot to return to current levels.

    Next of relevance for the pair will be UK’s Public Sector Finance figures, while a speech by St. Louis Fed’s J.Bullard will be the only scheduled event across the pond today.

    GBP/USD important levels

    The pair is now losing 0.10% at 1.5274 with the immediate support at 1.5204 (38.2% Fibo of 1.5496-1.5023) followed by 1.5023 (low Nov.6) and then 1.4853 (low Apr.22). On the other hand, a break above 1.5342 (200-day sma) would aim for 1.5385 (76.4% Fibo of 1.5496-1.5023) and finally 1.5418 (100-day sma).
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