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GBP/USD consolidates losses, worst day since late September

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD moved off session lows during the last hours but is still falling almost a hundred pip from the level it closed yesterday, having the worst performance since September 23.

    GBP/USD to test October lows?

    The pair is trading at 1.5250/55 after bottoming at 1.5195. It bounced form the lows but still is headed toward the first daily close in a week, below the 20-day MA that stands at 1.5290.

    Lower than expected inflation data from the United Kingdom and some dovish comments from Bank of England officials pushed the pound to the downside across the board. Tomorrow employment data from September will be released in the UK that is likely to affect the pound. In the US will be a busy day with the reports of inflation and retail sales and also the Beige Book.

    Volatility in cable could rise on Wednesday. The pair on Tuesday declined sharply after finding resistance last week below 1.5400, area that has become a key level. On the downside an important support lies at 1.5165, ahead of the 1.5100 handle that capped the decline in late September, early October.
    For more information, read our latest forex news.

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