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GBP/USD dips to the 1.5290 area

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The offered tone around the sterling remains intact on Tuesday, now sending GBP/USD to the lower end of the daily range near 1.5290/85.

    GBP/USD in 2-week lows

    The pair has tumbled to fresh multi-day troughs near 1.5280 after climbing as high as the vicinity of 1.5360 during the European morning. Poor results from preliminary UK GDP figures for the third quarter (2.3% YoY, 0.5% QoQ) have intensified the selling pressure around GBP, prompting sellers to drag spot to sub-1.5300 levels, area last seen in mid-October.

    Without any relevant release in the UK docket in the near term, the FOMC meeting due tomorrow will be the main driver of the pair’s price action, all against the backdrop of rising speculations on the Committee’s stance regarding a Fed’s lift-off (or not) by end of the year.

    GBP/USD important levels

    As of writing the pair is retreating 0.38% at 1.5293 and a breach of 1.5236 (23.6% Fibo of 1.5658-1.5106) would target 1.5198 (low Oct.13) and finally 1.5194 (6-month uptrend). On the flip side, the initial up barrier aligns at 1.5389 (55-day sma) ahead of 1.5448 (61.8% Fibo of 1.5658-1.5106) and then 1.5491 (100-day sma).
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