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GBP/USD: Did we see Friday’s action replay?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair showed us Friday’s action replay – bid tone strengthened in Asia, the pair rose above 1.49 in early Europe, before falling back below the same as the day progressed.

    Hovers around key Fib

    The pair now trades around 1.4888 (76.4% of Apr-Jun rally). The cable clocked a high of 1.4950 before turning lower and falling below 1.49 levels on Friday. The move was mimicked today, but the spike ran out of steam around 1.4930 levels.

    The USD demand may stay intact ahead in the day after the technical failure witnessed today.

    GBP/USD Technical Levels

    A break below 1.4888 (76.4% of Apr-Jun rally) would open doors for a drop to 1.4739 (Apr 1 low). On the other hand, a rebound from 1.4888 may see the pair target 1.4930 (daily high), above which the pair could rise to 1.4950 (Friday’s high).
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