GBP/USD deflates to 1.5030 ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sterling is losing further altitude on Tuesday, now dragging GBP/USD to post session lows in the 1.5030/25 band.

    GBP/USD weaker pre-data

    The pair has quickly faded the spike to session peaks near 1.5060 in early trade, succumbing afterwards to the prevailing risk-off sentiment ahead of today’s UK calendar: Industrial and Manufacturing Production for the month of October followed by the NIESR GDP Estimate.

    The weakness around the pound remains unabated so far, as spot has been losing ground since last week’s tops near 1.5160 recorded after the ECB move.

    GBP/USD important levels

    The pair is now retreating 0.13% at 1.5030 facing the next support at 1.5000 (psychological level) followed by 1.4893 (low Dec.2) and then 1.4853 (low Apr.21). On the upside, a breakout of 1.5160 (post-ECB high Dec.3) would aim for 1.5231 (55-day sma) and finally 1.5336 (high Nov.9).
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