GBP/USD consolidates; pull backs expected

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - GBP/USD is currently oscillating around the 1.51 handle after making a minor recovery from just shy of the 1.49 level, breaking up through key resistance that were located at where the 200 and 100 SMA are gathering at the mid-point of the 1.50 handle that now set a supporting platform on a potential reversal intraday/hour.

    The week ahead should be revealing in respect of the BoE and there are also key data releases to monitor. However, we may be entering a period of consolidation in the build up to the FOMC now that the Nonfarm Payrolls has confirmed an appropriate environment for a rate hike fro the Fed today.

    GBP/USD levels

    Technically, Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees pullbacks in the pair to face support around 1.5100/1.5060. The major trades below the pivot at 1.5071 while next key resistance comes as 1.5239 at R2 while the 4hr chart offers room to the upside still at just 57. On set backs, 1.4986 comes as first support before 1.4818 at S2.
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